*SKYSPORTS* The Rangers board has agreed a £10m loan deal with Mike Ashleys Sports Direct company, it has announced to the Stock Exchange. Without the injection of fresh funding, the Championship club would not have been able to cover pay checks due to be delivered on Thursday. The loan will be secured against Murray Park, Edmiston House, Albion Car Park - but not Ibrox stadium. Sports Direct will also receive 26% of the share capital in Rangers Retail Limited and the proceeds of future shirt sponsorship for loans duration. The possibility of the clubs stadium being used as security against tbe loan had caused widespread consternation amongst supporters in recent days. In return for the money, Ashley will be able to nominate two more directors to the Light Blues board; his associates Derek Llambias and Barry Leach are already serving as chief executive and financial director. Rangers chairmanDavid Somers said: The board has sought for some time to establish a long term funding solution for the company in order to create a platform of stability to build for the future. “This facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. In addition, the executive team have made strides in addressing the cost base of the company in order to improve our financial condition and working capital profile. “We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish football and in due course, to European competition. The board now calls upon all shareholders to rally together to achieve this goal.
Posted on: Tue, 27 Jan 2015 07:52:32 +0000
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