Rangers ‘repay £5m loan to Mike Ashley’

Rangers have repaid the £5 million loan given to them by Mike Ashley’s retail firm Sports Direct, the club have announced.

Mike Ashley gave Rangers a five million pound loan to the club's previous board. Picture: PA
Mike Ashley gave Rangers a five million pound loan to the club's previous board. Picture: PA

During a recent legal battle between Sports Direct and Rangers lawyers for the Glasgow club stated that Ashley had been repaid.

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The two parties where in court over an alleged breach of an injunction regarding the commercial deals between the two parties, with an attempt to have Dave King locked up for contempt of court thrown out by the judge.

The next day a counter-claim came in from Sports Direct’s law team, who said the loan repayment money had not yet arrived.

Rangers confirmed the repayment had not yet been made, citing an “innocent mistake” for the confusion, but insisted it would only be a matter of time.

It now appears as if the money has been sent, though Sports Direct are yet to confirm.

A Rangers statement released on Christmas Eve read: “We are pleased to announce that payment has today been sent to Sportsdirect.com Retail Limited of the full amount of the loan facilities provided by that company to The Rangers Football Club Limited.”

Repaying the loan means King’s board will re-assume control of club assets such as Murray Park and its world-famous badges, which were handed to Ashley as security. Rangers will also regain majority control of their retail income.

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