Mike Ashley has tightened his stranglehold on Rangers with confirmation today that via Sports Direct he will lend £10m to the Glasgow club.

The irony won’t be lost on many people that today was due a Scottish FA hearing on whether Mike Ashley had broken dual interest/ownership, with his involvement at Rangers…

rangersThat has been postponed with reports that instead initial talks will take place today between legal representatives of the two sides over the phone.

The loan to Rangers will be made in two separate payments but you won’t be surprised to hear that it doesn’t come cheap for the Scottish club and its fans.

The supporters may have ‘won’  the fight for Ibrox not to be used as security but that could be a hollow victory.

Under the terms of the deal, Mike Ashley will be able to nominate another two directors to go onto the board, they will join Ashley’s associates Derek Llambais and Barry Leach who are already there. Part of the money will be used to repay the original money loaned by Ashley via his MASH holdings.

A second part of the deal sees Rangers agreeing to transfer 26% of its holding in Rangers Retail Ltd (RRL), this was a separate entity previously set up by the club in partnership with Sports Direct, with Mike Ashley (SD) owning 49% and Rangers 51%. The new agreement meaning Ashley and SD will now take the lion’s share of that retail/merchandising arrangement. This 26% will be returned to Rangers on repayment of the loan.

A third strand has all future shirt sponsorship money from the 2017/18 season onwards going to Rangers Retail Ltd., of which of course Sports Direct will benefit from overwhelmingly. This shirt sponsorship part will exist for the entire duration of the loan.

Meanwhile Newcastle United fans look on with interest and wonder how the imminent announcement of expected 2013/14 NUFC profits of around £50m will be presented.

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  • toon tony

    Sorry Rangers. ..he’s not trying to help you, he’s just after your wonga. .oops rude word.

  • SimonM68

    Dear oh dear. It will take more than Gazza playing his flute to lead them out of this mess. They would have been better off borrowoing it from Wonga!  Wonder if they will subsequently end up with a bonus for tenth?

  • Conman

    If it means he sells up here and heads out, the more he lends them the better.
    I’m just counting on him selling us asap and moving north of the boarder but I asked the question a few days ago. Why would he sell his cashcow. I hope he does but just can’t see him doing it at all.

  • A lex

    Incredible. RIP Rangers.

  • DownUnderMag

    Ashley, in it for the money and doesn’t care about the death of the passion in football…as the game itself takes a distant back seat.

  • SusanCommon

    RIFC DONT buy merchandise

  • SusanCommon

    Conman Agree Conman. Our 7 year plan was a total lie to pacify us for a while. Be interesting if RIFC (under Ashleys 4 seats on the board) now come out with the same rubbish with a plan for Rangers. directors last week have already darted fighting with each other and this looks set to continue.

  • No Brainer

    Who Cares about rangers