On the day that he hosts a conference call with the SFA Mike Ashley has provided Sevco with a £10m loan deal secured against the iconic state-of-the-art Murray Park training complex and the club trade marks.
Admitting that finances are perilous £5m will be made available instantly to meet Thursday’s payroll and repay the £3m crisis loans previously funded by Mr Ashley.
Sports Direct will appoint another two directors to the board whose approval will be required before the remaining £5m can be touched with the club’s share in Rangers Retail also handed over to Sports Direct.
Commenting on the deal chairman David Somers said: “The Board has sought for some time to establish a long term funding solution for the Company in order to create a platform of stability to build for the future.
“This Facility begins this process and we very much hope that it will be augmented with further permanent capital in due course. In addition, the executive team have made strides in addressing the cost base of the Company in order to improve our financial condition and working capital profile.
“We very much hope that we can now move away from having to seek short term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition.
“The Board now calls upon all shareholders to rally together to achieve this goal.”
Among the small print the club will pay Rangers Retail (Sports Direct) a dividend of £1.6m with Sports Direct also gaining any revenue from shirt sponsorship from the 17/18 season onwards.
The latest loan deal is another snub to the three rebel bears consortium and Dave King’s bid for power.
Should either group make any headway their first task will be to repay the Sports Direct loans with the SFA apparently helpless to defend the stricken club.
Since the turn of the year membership of the Rangers Supporters Trust has soared to 4,500 with the fans group controlling over 1% of shares in the holding company that runs the club.
