Newcastle owner Ashley loans Rangers extra cash

Newcastle owner Ashley loans Rangers extra cash
Mike Ashley

Mike Ashley has lent Rangers a further £1m after their financial crisis was exacerbated by falling attendances – but has given up the naming rights to Ibrox.

Rangers shareholder Ashley recently strengthened his influence on Ibrox by lending the club £2million, a deal which saw chief executive Graham Wallace and director Philip Nash resign and two of the Newcastle owner’s close associates arrive in Glasgow.

The club announced to the stock exchange on Wednesday morning that the loan had been extended to £3million while simultaneously revealing they have entered into a marketing agreement with Ashley’s Sports Direct firm.

However, that agreement sees Sports Direct give up its right to re-name Ibrox Stadium, which Ashley secured for just £1 following a previous agreement with former chief executive Charles Green.

More in this Section

Bulgaria national coach Krasimir Balakov and BFU committee resign – reportsBulgaria national coach Krasimir Balakov and BFU committee resign – reports

Tottenham to appear in Amazon documentaryTottenham to appear in Amazon documentary

Klopp blocks out the noise as Liverpool prepare for Old Trafford tripKlopp blocks out the noise as Liverpool prepare for Old Trafford trip

Stirling and Balbirnie star as Ireland brush aside Hong Kong in opening World Cup qualifierStirling and Balbirnie star as Ireland brush aside Hong Kong in opening World Cup qualifier


Lifestyle

Mountaintop monasteries, vicious-looking vultures, and a seriously impressive cable car.As Ryanair launches flights to Armenia, here’s why it deserves to be your next holiday destination

Jools Holland and his Rhythm & Blues Orchestra played a storming gig at Cork Opera House, writes Des O'Driscoll Live Music Review: Jools Holland and his Rhythm & Blues Orchestra

Concerns about people’s ability to access their own money have been growing – here’s what the debate is all about.Are we actually going to end up as a cashless society?

Everything entertainment you need to look out forScene & Heard: Everything entertainment you need to look out for

More From The Irish Examiner