Mike Ashley makes extra emergency loan to Rangers as stadium naming rights also ‘given up’
Mike Ashley has had to already make an extra emergency loan to keep Rangers afloat.
The Newcastle owner loaning a further £1m with Rangers admitting they’ll need a lot more money ‘before the end of the year’.
In addition, it has also been revealed that Mike Ashley has ‘given up’ the naming rights to Ibrox which he (in)famously acquired for £1.
However, the official club statement says that Sports Direct (Mike Ashley) will ‘continue to have certain advertising rights’ at the Glasgow club.
Newcastle fans will have a very good idea of where this is likely to lead, Mike Ashley might no longer include Sports Direct in the St.James’ Park stadium name but the overwhelming amount of advertising for SD and all of Ashley’s other brands inside the stadium (and at the training ground and in all footage filmed there), leaves nobody in any doubt as to who the main man is.
While Rangers won’t get the exposure the Premier League worldwide coverage gives Mike Ashley at Newcastle. The fact Rangers are never out of the news will help ensure that Sports Direct and the other Ashley brands get maximum exposure.
Official Rangers statement;
“The Board of Rangers announces that MASH Holdings Limited (“MASH”) has agreed to increase the £2m credit facility (the “Facility”) announced on 27 October with The Rangers Football Club Limited (“RFCL”). MASH shall make available the additional sum of £1m for drawdown by the Company on November 26, 2014. All other terms remain the same.
“During the Autumn, the Club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business The Directors have begun a cost cutting exercise, but further working capital in addition to the Facility will be needed before the end of the year.”
“The Board of Rangers is pleased to announce that Rangers Football Club Limited has entered into a partnership marketing agreement with SportsDirect.com Retail Limited (“Sports Direct”) in which Sports Direct has given up its naming rights to the Ibrox Stadium.
“The agreement consolidates existing marketing arrangements between the parties and results in a more normalised retail joint venture marketing arrangement in which Sports Direct will continue to have certain advertising rights.”
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