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Scottish Football: Rangers reach settlement with former Commercial Director
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Rangers have agreed formal terms of settlement with former commercial director Imran Ahmad, ending any court battle that could have ensued.
Mr Ahmad claimed the Ibrox club owed him £500,000 for an unpaid bonus and another £120,000 for legal costs.
In a statement to the Stock Exchange, Rangers said the sum agreed was significantly less than the £620,000 Mr Ahmad had been granted permission to have frozen, and the case will be out of the courts in due course.
Mr Ahmad had the money ring-fenced by the courts last week after Rangers said it would be unable to pay bills if a planned £4m rights issue failed.
On Tuesday, Rangers were granted leave to challenge the decision to freeze the money. A judge had said granting Rangers the right to appeal would help raise fresh cash and ultimately "benefit both parties".