Mike Ashley had called for a special meeting of Rangers shareholders, to potentially force through a motion which would give the Glasgow club 10 days to pay back the £5m loan to Sports Direct.
The Rangers board have now announced that a date of Friday 12 June has been scheduled for that meeting of shareholders.
However, the Directors want to see the Newcastle owner blocked from voting on club matters, if he attempts in the future to influence the management of the club.
The Scottish Football Association have already previously ruled that Mike Ashley had broken the dual control/interest in Newcastle and Rangers, in breach of their rules, fining the Sports Direct supremo.
Referencing that SFA ruling, the Rangers shareholders will be asked to consider ‘Disapplying voting rights in respect of any shareholding(s) which breach the (Scottish FA dual interest) rules”.
The Rangers statement to shareholders continuing:
‘The directors will update shareholders at the meeting as to why they believe that this step is necessary, the potential effect of any further breach of these rules and the timetable for presenting a resolution for shareholders’ consideration.’
New Chairman Dave King has said that shareholders have no power to force the board to pay the money back to Sports Direct with immediate effect.
Whilst the Rangers board will also provide the shaerholders with financial information on the club’s relationship with Rangers Retail Limited, in which Ashley’s Sports Direct is currently a 75% shareholder.
The directors will also ask for:
‘The shareholders to support the directors of the company in their desire to ensure that the contractual arrangements between the club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the club and Sports Direct.
The shareholders agree that these negotiations need to address the whole relationship between the club and Sports Direct in order to achieve that goal.’