Ashley had already loaned £5m to the Glasgow-based club in January and was prepared to repeat the process, but the management team of the quoted company decided to utilise a different source.
Rangers shareholders Douglas Park, George Letham and George Taylor have stepped in with £1.5m, an amount to be used as working capital until 31 December. It is hoped this period will be enough time to help locate a “longer-term funding solution”.
Earlier in March, Rangers chairman David Somers ended his 16-month run in the position after declaring that his time in the post had helped him realise that football plays by “different rules”.
Speaking then, he said: “I have worked in the City of London, the world’s greatest financial centre for decades and enjoyed considerable success. When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules of codes and behaviour. I now know that is a gross understatement.”
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The club also turned down a takeover bid from US basketball team owner Robert Sarver in January, deciding that his offer “undervalued” the business. Because of its refusal to sell to Sarver, it was required to accept a loan of £500,000 from shareholder Alexander Easdale – or else risk a winding up notice.
On the subject of the new loan, Rangers management believe the terms of the loan to be “fair and reasonable”. It also added: “The company also announces that it has ceased the process of satisfying the conditions for drawdown of the second trance of the facility on 27 January 2015 with SportsDirect.com Retail and associated companies.”
Rangers have been listed on the Alternative Investment Market (AIM) since October 2012 and have frequently used the position as a public company to raise money for player transfers. Financial difficulties saw it enter administration in 2012, wit debts amounting to £134m.
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