English Premiership

Rangers board 'ok' Ashley loan

2015-01-28 13:07
Mike Ashley (File)

London - Crisis club Rangers have agreed a £10 million emergency loan deal with Mike Ashley's Sports Direct company, the fallen Scottish giants announced Tuesday.

Without the fresh injection of funds from Ashley, the owner of English Premier League club Newcastle, the Glasgow side risked being unable to cover pay checks due to be delivered on Thursday, with Rangers saying their position had been "perilous" for several months.

Tuesday's announcement effectively saw the end of attempts by the Three Bears -- wealthy fans Douglas Park, George Letham and George Taylor, to have their own loan offer accepted.

In a lengthy statement to the London Stock Exchange, Rangers said: "The Board of Rangers announces that Rangers Football Club Limited has entered in to agreements with SportsDirect.com Retail Limited and associated companies, to provide a long term on-going credit facility of up to 10 million.

"The company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances."

"The terms negotiated with SD (which are reversible in respect of the Facility) represent the optimum combination of quantum and duration of funding, allowing the company time to arrange permanent capital which can be used for strengthening the playing squad."

Rangers chairman David 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.

"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."

This month saw caretaker manager Kenny McDowall resign after predecessor Ally McCoist quit Rangers, now in Scotland's second division.

Rangers, with 54 league titles won in their glory days, suffered a series of financial problems with a liquidation crisis seeing them banished to the third division in 2012.

Fans unhappy with the club's financial situation have also had to contend with poor on-field results and Rangers are currently a huge 13 points behind Championship leaders Hearts.


What To Read Next


Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk

Saturday, 20 January 2018
Brighton & Hove Albion v Chelsea, The American Express Community Stadium 14:30
Stoke City v Huddersfield Town, Bet365 Stadium 17:00
Arsenal v Crystal Palace, Emirates Stadium 17:00
Everton v West Bromwich Albion, Goodison Park 17:00
Leicester City v Watford, King Power Stadium 17:00
West Ham United v AFC Bournemouth, London Stadium 17:00
Burnley v Manchester United, Turf Moor 17:00
Manchester City v Newcastle United, Etihad Stadium 19:30
Sunday, 21 January 2018
Southampton v Tottenham Hotspur, St. Mary's Stadium 18:00
Monday, 22 January 2018
Swansea City v Liverpool, Liberty Stadium 22:00
Team P W PTS
Previous Results

Date Home Team Result Away Team

Who will claim the Premier League title at the end of the 2017/18 season?

Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...


The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.