The board of Sevco have announced that they have secured an additional £1m loan from MASH.
In an announcement to the Alternative Investment Market this morning the troubled club admitted that  match day income levels have fallen short of expectations as thousands of ‘fans’ shun the club.
Big-hearted Ashley gave the under fire board a £2m loan on October 27 and has agreed to extend that less than three weeks later with the windfall being paid in time to meet the November payroll.
A further loan is expected before the end of the year killing stone dead talk of a share issue with the club unable to produce audited accounts and host an AGM.
The AIM statement said: “The Board of Rangers announces that MASH Holdings Limited (“MASH”) has agreed to increase the £2m credit facility (the “Facility”) announced on 27 October with The Rangers Football Club Limited (“RFCL”). MASH shall make available the additional sum of £1 million for drawdown by the Company on 26 November 2014. All other terms remain the same.
“During the Autumn, the Club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business The Directors have begun a cost cutting exercise, but further working capital in addition to the Facility will be needed before the end of the year.”
A new marketing partnership has also been agreed with Mr Ashley returning the naming rights for the stadium to the club which should be enough to satisfy large elements of the gullible support that the Cockney billionaire is gaining affection for the Ibrox based institution.
Mr Ashley’s further involvement in the League One champions is another snub of the highly secretive SFA’s Five Way Agreement with Campbell Ogilvie still waiting for a reply to his letters to the club and Ashley seeking clarification.
Ally McCoist has still to speak to Mr Ashley to discuss his January warchest with Madjid Bougherra and Daniel Cousin believed to be at the top of his wanted list.