Why Mike Ashley Refused To Help Rangers Cash Crisis
It has now been revealed that Mike Ashley’s refusal to help Rangers in dealing with their financial crisis, comes as a result of the club refusing to allow the Newcastle owner to take control of the club’s image rights via the Rangers badge and various trademarks.
Ashley has put forward a [intlink id=”48584″ type=”post”]resolution to get rid of the two Rangers directors[/intlink] who refused to agree to the image rights deal in return for an emergency loan to the club.
The image rights are worth millions, probably tens of millions, and the two directors weren’t prepared to leave Rangers financially suffocated long-term thanks to giving up this financial stream…a bit like Newcastle United giving tens of millions of pounds of free advertising to the rest of Mike Ashley’s business empire.
Ashley followed up this move by then refusing to buy more shares in a rights issue to current shareholders, Rangers looking to generate £4m to help deal with the financial problems. The rights issue fell around £900,000 short of the target.
However, Mike Ashley then immediately increased his shareholding to 8.92% by instead buying shares privately, paying £853,000 to investment firm Hargreave Hale. No doubt what signal he is sending out there with the amount almost exactly what the rights issue had fallen short by, with not a penny of Ashley’s private deal going to help Rangers’ current plight.
There is now apparent competition for Mike Ashley with a trio of wealthy Rangers fans; Paul Murray, Dave King and George Letham, lining up against the Newcastle owner for control of Rangers.
Rangers fans are massively against Ashley as they can see what lies ahead for their club if he wins control, whereas [intlink id=”48617″ type=”post”]deluded fools such as Barry Ferguson [/intlink]simply see a massively rich man as a saviour of their club.
Well as Newcastle fans we all know the painful outcome that comes from believing that.
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