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Tycoon in new Ibrox showdown

Ashley to Rangers board: ‘I want my £5 million back’

Mike AshleyMike Ashley has stepped up his battle with Rangers, demanding a general meeting and the repayment of his £5 million loan.

The sportswear retailer and minority shareholder in the Ibrox club wants to know “precise details” surrounding its delisting from the London Stock Exchange.

Rangers lost its membership of the Alternative Investment Market following the takeover of the club and failure to appoint a new nominated adviser.

Mr Ashley’s demands are contained in a letter to the new board dated 29 April but which has only just emerged.

He wants the new regime led by Dave King and Paul Murray to hand back the crisis funds which were agreed between himself, Derek Llambias and Barry Leach in January.

Mr Ashley is offering to return the security he took on the loan over the Rangers crest,  Murray Park training ground, Albion Street car park and Edmiston House.

A source quoted by the Daily Record said:  “All they have to do is find the £5 million that he gave them in January and he will release security on the various brands, Murray Park, the car park and Edmiston House.

“It’s a very simple situation. If they really want to change the relationship with Sport Direct they will vote for a change.

“If they, in fact, are happy for Sports Direct to have security over the club’s assets they will vote down what Mike Ashley is proposing.”

It is understood the club has 28 days to respond to the request for a general meeting.

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