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Post by Premier League News on Jan 27, 2015 18:12:41 GMT
The cash-strapped Rangers board has agreed a £10m emergency loan deal with Mike Ashley’s Sports Direct firm, it has announced to the Stock Exchange.Without the injection of fresh funding, the Glasgow club would not have been able to cover pay cheques due to be delivered on Thursday. The loan will be secured against the training ground, Murray Park, Edmiston House, Albion car park and the club’s registered trademarks – but not Ibrox. The move spells the end of attempts by the Three Bears group – wealthy fans Douglas Park, George Letham and George Taylor – to have their own loan offer accepted. It was their promise to match Ashley’s deal while demanding Ibrox remained unsecured that forced the Newcastle United owner to drop the stadium from the terms of his agreement. In return for the money – which will be paid to Rangers in two £5m tranches – Ashley will be able to nominate two more directors to the club’s board. His associates Derek Llambias and Barry Leach are already serving as chief executive and financial director respectively. As well as that, Rangers will transfer 26% of its holding in Rangers Retail Ltd (RRL). RRL was a joint venture set up by the club and Sports Direct, with Rangers in control of 51% and Ashley’s company controlling the rest. Fans, however, were already concerned that it was overly beneficial to Ashley. Now, as part of the new loan deal, the club have also agreed that from the 2017-18 season, for the duration of the loan, any future shirt sponsorship proceeds “will be for the benefit of RRL”. Ashley has now strengthened his grasp on the money streams entering the club but the balance of power could yet swing away from him in the coming weeks if Dave King succeeds in routing the board at the general meeting he has called. Source: Guardian
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3in11
Monster Midfielder
No easy games in this league.
Posts: 1,773
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Post by 3in11 on Jan 27, 2015 19:22:47 GMT
I've got connections in Glasgow....they're all Celtic supporters. If you ask them what's happening they just say it's Karma for all the past's 'shady deals'. Rangers should never have found themselves in the position they did but their abscence from the SPL has not done anybody any favours. Celtic have deteriated without their regular dose of local passion and for all that Aberdeen have tried to fill the void, it's not the same. As foe Ashley....football isn't his interest beyond it's ability to generate money and I'm frankly surprised he agreed to drop the only real asset thet Rangers possess - Ibrox - from the list of securities on the loan.
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