Mike Ashley has demanded a meeting of Rangers shareholders and also made moves to reclaim the £5m that the club loaned form Sports Direct.

The Newcastle United owner is entitled to call the special meeting because he owns over 5% of the shares in Rangers

The Daily Record were provided with a copy of a letter personally signed by Ashley which is dated 29 April 2015 and to which Rangers have 28 days to respond, which gives them two weeks (27 May) as from today.

In the letter, Mike Ashley has demanded answers from the Rangers Directors as to the circumstances surrounding the club’s delisting from the AIM Stock Exchange.

In addition, he also has proposed resolutions which if voted through would mean the £5m loan would have to be repaid within 10 days of that resolution being passed.

The repayment of the loan would mean Ashley would no longer have security over the Rangers badges and crests, as well as on the club’s training ground and other property.

The repayment wouldn’t end Mike Ashley’s involvement in the club as he would still own just under 9% of the shares and retain control through Sports Direct of 49% of the retail side of Rangers, with a drop of 26% due to the loan repayment.

The aggressive move is being seen as Ashley putting the new regime on the spot and making them play their cards.

The Daily Record report that Mike Ashley hasn’t been impressed that there’s been no reply to his letter after two weeks and they report a ‘source close to Ashley’ saying:

“This is a message to Dave King and his associates to put up or shut up. The board and the fans own more than half of the Rangers shares, so they have the power to vote this through – if they have the money.

“All they have to do is find the £5 million that he gave them in January and he will release security on the various brands, Murray Park, the car park and Edmiston House.

“It’s a very simple situation. If they really want to change the relationship with Sport Direct they will vote for a change.

“If they, in fact, are happy for Sports Direct to have security over the club’s assets they will vote down what Mike Ashley is proposing.”

In response, A Rangers spokesman confirmed receipt of the letter and are considering their options:

“The board have received the request and are considering it with our advisers.”

  • Geoff Themagpie Robinson

    How long before he wants his £129m loan to Newcastle United back ??

  • philrenner09

    Said it all along they will be back asking for another loan very soon – surprised Rangers fans believed these 3 had money. Its a shame for Rangers in the same boat as NUFC, left with just hope that someone with money buys both clubs. Great fans shite owners.

  • Sickandtiredstill

    Hilarious in so many ways. Here’s a guy too busy to turn up to Parliament or the SFA yet can make room for a RFC GM when he decides.
    He has the audacity to cite corporate governance when SD are being hauled over the coals for that by the City (no Finance Director for over 18 months).
    I truly hope they can scrape the money together and kick him out on his fat [email protected] and hopefully tear up his retail scam too. Something must have rattled his cage and I supect it has something to do with the Police turning up at Shirebrook.

  • Sickandtiredstill

    philrenner09 They weren’t asking! If you recall, they turned down the second 5 million from SD and put in 1.5 mil of their own. 
    Paul Murray was passed by the SFA on 1st May. Fat man is just trying to muscle them now and hopefully they have the money wipe the smile off his face.

  • Sickandtiredstill

    @Jim Robertson –
    Just a question if you check the posts here. How can Ashley write to RFC as MASH, yet state the terms for SD as in the letter?
    He is in effect wearing two hats – writing as an private investor, while also functioning on behalf of SD.

  • maddib

    this bit made me laugh ‘The Daily Record report that Mike Ashley hasn’t been impressed that there’s been no reply to his letter after two weeks’ – oh the irony, now he know how others feel when trying to pin him down.

  • terriertwo

    Maybe Queen Nicola could invite him to lunch and poison his haggis. Job done with happy fans up north and even further up north. Still I suppose he needs the five million to help pay for his takeaways

  • LeazesEnder

    C’mon did anyone think Ashley wouldn’t do this….. this is what he does…. turns the screw!

  • LeazesEnder

    He ‘loaned’ it to himself….. He’ll have to send some heavies around to threaten himself before the likes of him pays up…… to ehm…. him…. 

    Either way I hope he gets a bloody good thrashing…. from himself if needs must

  • The Directors should write to Ashley explaining they are too busy at the moment and will reply sometime in the future when less busy .

  • Mark Brooker

    Think he knows yet another tax doger (king) can’t afford it. It’s just power games.