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Rangers are ready to pay back Mike Ashley's £5m loan

By Andy Newport

Published 28/11/2015

Financially sound: Rangers chairman Dave King
Financially sound: Rangers chairman Dave King

Rangers chairman Dave King insists the Ibrox club is financially one of the strongest clubs in the world. King made his claim after confirming at the club's annual general meeting he and his fellow investors are ready to repay Mike Ashley's controversial £5m loan.

The club will re-take control of a number of assets given to the Sports Direct tycoon as security, including the Murray Park training ground and its world famous trademarks.

By repaying Ashley's money, it means King and his backers have now ploughed in around £12m since forcing out the previous Ashley-backed regime in charge of the club last March.

King told around 1,000 shareholders at the Clyde Auditorium: "We're one of the strongest clubs financially in the world. Once Sports Direct is paid off we've no external debt whatsoever. Barcelona can't say that, neither can Manchester United or Arsenal.

"We've got no debt at all, a strong supporter base and own all our assets."

Rangers have tried and failed to win the Petrofac Training Cup on three occasions since their liquidation meltdown but striker Martyn Waghorn hopes to see that miserable run end this year.

He said: "The prospect of getting to a final is huge for me. It'd be my first final, so I'm looking forward to it. It sets a marker down for where we want to go."

Belfast Telegraph

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