Scottish Football: Rangers reach settlement with former Commercial Director
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".