Quantcast
Latest News

Mike Ashley takes control of Broxi Bear

|
Image for Mike Ashley takes control of Broxi Bear

Mike AshleyMike Ashley owns Broxi Bear and another dozen Ibrox trademarks.

News emerged earlier today on the excellent Scottish Football Monitor website with links to the Intellectual Property Office confirming that sportsdirect.com own over a dozen trademarks associated with Rangers IL.

With the news spreading fast through social media the Daily Record contacted the club who expressed surprise at the revelations- a month after transparency campaigner Paul Murray seized control of the blue room.

The latest news casts further doubt on Dave King’s willingness to spend his own money with the trademark deals believed to be included in the £5m emergency loan granted in January that kept the lights on until the March EGM.

While security over Ibrox and the hallowed marble staircase was left out of the deal the detail revealed the growing grip that Mr Ashley holds over the troubled company.

Announcing the emergency loan a club statement said: “The Facility is to be secured by (1) a floating charge over the Club’s assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club’s registered trademarks.

“None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies.

“If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease.”

Announcing the emergency funding former 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.”

With Deek Llambias and Barry Leach overseeing operations it’s believed that the contracts between Sports Direct and the company from Ibrox are watertight with sky high get out clauses. Mr Ashley can recall his £5m loan at any time.

Videocelts Extension Button

Share this article

Online and independent- the only way to be. Enjoying instant news access and reaction, following the trends if not an influencer!