Member Article

Mike Ashley tightens grip on Rangers with new £10 million loan

Rangers say they have accepted a £10 million loan from Mike Ashley’s Sports Direct retail company to relieve the “perilous” financial state of the club.

Sports Direct will receive 26% of the share capital in Rangers Retail Limited and the proceeds of future shirt sponsorship for loan’s duration.

The loan is secured against the Murray Park training ground and other assets although the Ibrox Stadium is not included in the deal.

Chairman, David Somers said: “ The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.

“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.

“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.

“The Board now calls upon all shareholders to rally together to achieve this goal.”