Mike Ashley has been blocked from appointing Directors to the new look Rangers board.

In a surprise move, three of those now in control at Ibrox have loaned the club £1.5m interest free to keep the club afloat whilst they attempt to arrange larger scale finance for the long-term.

“The company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m.

“The proceeds of the loans are available generally for the purposes of the company and will be used for working capital.

“The loans are being made available until 31 December 2015 which will provide the company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis.

“The company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies.”

In announcing the new deal, Rangers have confirmed that they are not taking the second half of the £10m loan deal from Mike Ashley via Sports Direct.

This means the Newcastle owner will not have the right to appoint Derek Llambias or any other allies back onto the Rangers board, one of the terms of the second £5m being that Ashley could appoint two directors.

Ironically, only this morning there were quotes from Ashley ally and former Chief Executive Charles Green taunting the new board, saying he wouldn’t mind being one of Mike Ashley’s appointees on the Rangers board.

It looks like a big gamble from those now in charge, as the finances of Scottish football have severe limitations.

The Rangers total turnover was only £25m last season and half of that was from gate receipts and matchday hospitality, which included £7.7m raised through 36,000 season tickets being sold.

Broadcasting revenue was only a shade over £1m and even in the Scottish Premier League it isn’t much more, no comparison to the extra tens of millions pouring into Mike Ashley’s pockets at Newcastle.

Many Rangers fans no doubt will be celebrating this latest news even though it looks like tough times ahead.

Meanwhile at Newcastle the supporters wonder what Mike Ashley’s intentions are this summer in terms of rebuilding the squad, the coaching staff and the non-football side of the business.

The acute difference to the situation at Rangers is that at Newcastle there isn’t any shortage of revenue coming into the club, the only problem being whether Mike Ashley is willing to allow enough of it to be spent to allow Newcastle to compete, or at the very least avoid total disaster via relegation.

  • StevePassmoor

    1.5M will pay wages and running costs for a month.
    King has been in charge for over 2 weeks now and nothing is forthcoming from him about what he has done so far to arrest the monetary losses the club is making. This after all the bluster about how he’d be handing over £20M to stabilise the club in his ‘victory speech’ the other week.
    His wallet is as empty as Obertan’s head

  • MansonEileen

    AngeBlue55 ShareThis NUFCTheMag Well done the “Good Guys” who are now on the board U0001f44dU0001f44dU0001f44d

  • AngeBlue55

    MansonEileen ShareThis NUFCTheMag Well rid of Ashley that’s for sure,

  • AngeBlue55

    MansonEileen ShareThis NUFCTheMag Well at least he cant appoint to the board.

  • Gersboy

    Just watch the MIGHTY GERS GO not like your black and white mob WE STOOD UP FOR OUR BELOVED CLUB

  • Sickandtiredstill

    StevePassmoor At least they’ve put an end to one other avenue of blood sucking from their club. 
    Looking forward to hearing just how bad the retail deal is so we can have an idea of just how much our own Club is losing because of what is likely to be a similar or worse arrangement.

  • MansonEileen

    AngeBlue55 ShareThis NUFCTheMag Thankfully. More stuff to be found as well in the books I reckon U0001f60a

  • NUFCTheMag

    AngeBlue55 MansonEileen ShareThis Interesting to see those now in control going on offensive- Murray saying 5 #nufc loans had no medicals

  • AngeBlue55

    NUFCTheMag MansonEileen ShareThis Yes it appears they didn’t. All for Mike Ashleys benefit, Wonder what else they will uncover?

  • AndyMac1

    Every time I look at him I think there’s someone out there who’s his double ? Not sure it’s Kearney …..


  • skydemonuk

    AngeBlue55 ShareThis NUFCTheMag fantastic news. He’s a fat bully who thinks money can buy anything. Best spent on a personal trainer WATP

  • AngeBlue55

    StevePassmoor  The books will have to be scrutinised to see what else has been going on before throwing more money at it.

  • iant1873

    It’s only two weeks you clown – the previous regime demanded a 120 day review! I for one am happy that the new board take their time to review the books thoroughly whilst establishing a long-term strategy for the running of the club!

  • RobertSutherland

    At least we are starting to escape his grip. Hopefully we can shed his shackles and rebuild our club without interference.

  • Greggy164

    Thanks for coming Mike. It has been a pleasure. Hahahaha

    Easy easy easy

  • scotty63

    iant1873 lets get this straight – I hate Ashley and applaud the efforts to bloody his nose – however as far as Rangers go he’s still got his hooks in – he’s owed 5 million repayable next month has the retail deal by the nads and King’s done a runner leaving the 3 bears to bail the club out short term. Reviews don’t pay bills and as far as I can see, please correct me if I’m wrong, Rangers have no credit line with a bank or city institution. It seems to me he’s simply sitting and waiting in the wings to trigger the repayment clause in April – I really hope the new board have all their ducks in a row otherwise the alternative is ugly. Good Luck and keep kicking back.

  • newcastle7

    Rangers will be in division four without his help happy days.Happened once so mark my words.
    They will never get the seventy million back which went missing from former directors.
    They did not even pay the tax man the players or the tea lady.

  • Sickandtiredstill

    Simon, what is it with you and Ashley?
    Are you so loved up with the bloke that you now want another football club to fail because they refused to be bullied by him?
    He didnt lift a finger nor loan a penny until last October. He already had the very one sided retail deal agreed by then,back in 2012. He also was given Ibrox naming rights back then for a quid.
    He sent injured players up there and made them pay some of their costs.
    Why the hell do you keep idolising the parasite? I sincerely believe you are retarded.

  • Andy Gray

    Gersboy the ‘black & white mob’ had and have no choice – he owns the whole lot, and we certainly had no say in that happening. We can’t make him go until he’s good and ready to

  • Greggy164

    newcastle7  You have got to be at wind up. Are you hurting because we humiliated Ashley?

  • No Brainer

    scotty63 iant1873 Seriously, this is a football club, how long do you think it takes to do the books if you can come up with further items to scrutinise then please add them below.

    Player wages
    Football administration wages
    Club administration wages
    Executive management wages and costs
    Facilities (including repairs and cleaning)
    Match day Staff
    Catering costs (if not outsourced)
    Ticket office staff 
    IT and media staff and facilities costs
    Transfer fees


    Transfer fees
    Retail income
    Match day ticket sales
    Season ticket sales
    Programme sales
    catering sales
    TV income

    All of these add up to very little marks in the book anybody think that is a big job at Rangers is deluding themselves.

  • No Brainer

    scotty63 iant1873 All of these add up to very little marks in the book anybody think that is a big job at Rangers is deluding themselves. 

    What I expect to happen here is that King and his cohorts here let the debt escalate as far as they possibly can, they will then put in rescue money to bail the club out. It will be done as an equity purchase, that will result in them four guys owning around 70% – 75% of the club that on promotion will be worth approx £60m at a cost to them of around £28 million given that they have been buying their shares recently for as low as 18p.

    In effect the losers will be small shareholders who collectively own around 15-18% who will then own around 9%, of course those guys bought at a much higher price on float as they are fans.

    These are no saviours its out of the frying pan into the fire.

  • Greggy164

    Andy Gray Gersboy 

    Andy Gray is that really you? How ye doing? Have you worked since Sky bagged ye?
    Plenty golf? Probably got your handicap down?

    Hows Richard? Do you keep in touch?

  • Chemical Dave

    If anyone has a moments doubt this end of a bell is a Newcastle fan just check out this obsequious clap trap.

  • Sickandtiredstill

    @No Brainer @scotty63 @iant1873 Given they have only been in for two weeks or so and are dealing with the RRL/Advertising/Brand/Securities ‘deals’ Ashley has saddled them with, I imagine it will take contract lawyers and accountants a while to get to the bottom of it all and what, if any, escape clauses there are –  and/or what that would cost.
    Not examining them fully would be the most delusional thing any incoming Board would be accused of.