Mike Ashley tightens grip on Rangers following £2 million bailout
Rangers Football Club have accepted a £2 million sum from Mike Ashley as the club attempts to steer itself away from administration.
The club entered a ‘credit facility agreement’ with Ashley’s MASH Holding, which owns 8.92% of Rangers, which will see Ashley gain the right to appoint two directors to the Rangers board in exchange.
Finance director Phillip Nash resigned on Friday and according to today’s Stock Exchange, Chief Executive Graham Wallace has also left the club.
Both of the former directors blocked Ashley’s funding in exchange for trademark rights last month and were consequently the expected casualties from Ashley’s latest cash front.
This paves the way for Ashley’s people to assume influential positions within Rangers, with former Newcastle United director, and close friend of Ashley, Derek Llambias in the frame for a board position.
Legally, Ashley cannot own both Newcastle United and Rangers dually. Perhaps Ashley’s growing influence in Rangers could spell the beginning of the end to his unpopular and unsupported Newcastle United tenure.
However, for now, Ashley’s long term intentions remain unclear.
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