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Ibrox secures temporary funds

Rangers tie up new loan package from Three Bears

Rangers have torn up Mike Ashley’s offer of a second £5 million bail-out and instead taken £1.5 million in interest-free loans from the Three Bears consortium of Douglas Park, George Letham and George Taylor.

The unsecured loans will be used for day-to-day running costs and are due to be repaid at the end of the year, providing the club with time to find a longer term funding solution.

The club accepted half of a £10m from Ashley’s Sports Direct company but the second tranche came with conditions that will now no longer apply, including a right to put two directors on the board. 

A statement to the London Stock Exchange said the company “has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies.”

A source told Daily Business: “It looks as though the new board wants to distance itself from the previous board by not taking the Sports Direct money.”

Long-term funding remains the goal and so far there have been few indications that the new board is close to any agreement. Dave King, who was swept into Ibrox on the back of a vote among shareholders earlier this month, has hinted a contacting US basketball club owner Robert Sarver who tried to buy the club. He said he would be prepared to help if required.

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