Mike Ashley release of assets indicates Rangers pay off loan

Sports Direct have released securities held over Rangers' assets, indicating Mike Ashley's company have accepted full repayment of the £5 million loan previously given to the Ibrox club.
By The Newsroom
Published 15th Jan 2016, 14:06 BST
Updated 15th Jan 2016, 20:46 BST

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Mike Ashley gave Rangers a loan last year. Picture: PAMike Ashley gave Rangers a loan last year. Picture: PA
Mike Ashley gave Rangers a loan last year. Picture: PA

The businessman gave Rangers, under a previous boardroom regime, the loan last year in order to keep the club solvent.

In return he was granted security over Murray Park, along with office buildings and a car park owned by the club.

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Official documents now show that Ashley’s securities for Edmiston House at Ibrox and the car park have been released.

Mike Ashley gave Rangers a loan last year. Picture: PAMike Ashley gave Rangers a loan last year. Picture: PA
Mike Ashley gave Rangers a loan last year. Picture: PA

Lawyers for Rangers initially stated the club had paid the money back during a recent court case over an alleged injunction breach in relation to commercial deals between Sports Direct and the club.

The very next day representatives of Ashley’s company stated this was not the case, though Rangers soon moved to have the money paid back in full and secured a £6.5m loan from associates of chairman Dave King last week.

Despite this repayment, Ashley still holds owns the rights to the club’s trademark and badges.

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Related topics:RangersMike AshleyIbroxDave KingLawyers