Belfast Telegraph

Home Sport Football Scottish Rangers

Three Bears hit out at Mike Ashley's £10m Rangers deal

By Andy Newport

The Three Bears have hit out at the Rangers board for accepting Mike Ashley's £10m loan - insisting they made a better offer.

Wealthy supporters Douglas Park, George Letham and George Taylor offered a £6.5m loan, but Ashley's offer of two £5m tranches was accepted by the cash-strapped club yesterday.

Chairman David Somers said that the Sports Direct chief's loan was a "great deal" - but the Three Bears disagree.

In return for his loan, the Gers have given Ashley another 26 per cent of the Rangers Retail Ltd -putting him in control of three quarters of their retail business.

From the summer of 2017, cash generated from shirt sponsorship deals will go to RRL, rather than the club, until the loan is repaid.

Ashley, who owns 8.92 per cent of the Light Blues, will also nominate two more directors and has taken Murray Park, Edmiston House, Albion Car Park and the club's registered trademarks as collateral - but has no claims to Ibrox after fan unrest.

The Bears offered £6.5m secured against the training ground, Edmiston House and the car park and were prepared to let £4.5m of it be converted into shares at a later date.

Their spokesman said: "The loss of revenue equates to an annual interest rate significantly higher than our offer.

"The agreed security is disadvantageous compared to the security required under our offer.

"We fail to see how the SD facility is better for the club than the offer we made. It isn't and should not have been accepted if the best interests of the shareholders were considered."

Belfast Telegraph

Popular

From Belfast Telegraph