Mike Ashley has strengthened his grasp on the money streams entering Rangers after the cash-strapped Scottish Championship club’s board agreed a £10 million emergency loan deal with Sports Direct, the Newcastle United owner’s retail business.
The loan will be secured against Murray Park, Edmiston House, Albion Car Park, and the club’s registered trademarks - but not their stadium, Ibrox, which is “specifically excluded and remains in the full ownership of the club”.
Without the injection of fresh funding, Rangers would not have been able to cover their wage bill, which is due to be paid on Thursday.
The loan will be split in to two tranches. The first £5 million is available immediately for “working capital purposes” and also to repay a loan the Scottish