Rangers ‘have not repaid’ £5m Mike Ashley loan

Rangers have been accused of making a false claim in the High Court when they insisted they’d paid back the £5 million loan to Sports Direct.

Sports Direct owner Mike Ashley (left) and Rangers FC chairman Dave King. Picture: PA

Lawyers from Sports Direct addressed the court on the second day of proceedings in the legal battle between the two parties.

Mike Ashley’s company are seeking compensation from Rangers after accusing the Ibrox club of breaching a court injunction by leaking details of Sports Direct’s commercial contract.

Yesterday they were unsuccessful in an application to have Dave King jailed for breaching the confidentially rules of the injunction when the club chairman gave interview to Sky Sports earlier this year.

During the hearing, Rangers lawyer William McCormick QC stated that Rangers had repaid the £5 million loan granted to the club by Mike Ashley.

However, David Quest QC, representing Sports Direct, said those claims had been investigation and found not to be entirely accurate.

He told Justice Peter Smith: “Yesterday it was said the £5m loan had been repaid, which was something that came as a surprise to me.

“We investigated that and that’s not correct, the £5m loan has not been repaid.

“The position yesterday afternoon was they were still in the process of collecting the funds in order to make the repayment.

“They are still waiting to collect another £500,000.”

Justice Smith ordered a five day trial to commence on January 25 as Sports Direct seek to prove their business dealings were harmed by alleged leaking of contract details to the press.