Football Trade Directory

Rangers power struggle continues as shareholders look to block Mike Ashley securing Ibrox


 
 
 

A group of Rangers shareh­ol­ders, led by Douglas Park, is prepared to offer up more funding for the club to stop Newcastle owner Mike Ashley being given security over Ibrox.

The consortium own 20% of Rangers overall, and were initially told by the board that the financial-stricken club needed £5m.

However, Ashley has since offered £10m, double the amount originally stated, with the proviso that the loan will be secured against the Ibrox Stadium and training complex.

A statement given on behalf of the consortium stated, "There is absolutely no need when there are people ready and committed to offer more-than-adequate funding, while at the same time protecting the stadium." a spokesperson said.

"The very notion is abhorrent to us and that it is even being considered suggests at best a lack of un­der­stan­ding of what Ibrox represents and at worst a callous disrespect."

Advance notices of loan securities against Ibrox and Murray Park were lodged at the Register of Scotland on 13 January in the name of Sports Direct, the company owned by Ashley, who has an 8.29% stake in Rangers.

However, despite the group making their £5m offer after talks with the club, Rangers now claim it is insufficient as Ashley is due to be paid back a £3m loan by April.

The Rangers Supporters Trust says it aims to take court action on Friday on behalf of shareholders to try to block any attempts by the board to grant security over Ibrox to Ashley.

The events of the past few days are just another chapter in the ongoing saga for control of the financially stricken club, who rejected a £20m takeover bid from American Basketball franchise owner Robert Sarver.

Meanwhile, Rangers take on Championship leaders Hearts tonight, hoping to close the gap on the leaders, having been beaten 2-0 by the Edinburgh side earlier in the season.

Posted on