Ibrox receives new cash support

Rangers shareholders invest further £1.5 million in club

Dave King 2Rangers are to receive a further £1.5 million from the Douglas Park led group of shareholders, the club has revealed.

Interim chairman Paul Murray said Mr Park, George Letham and George Taylor – formerly known as the Three Bears – had stumped up the extra cash.

Dave King, (left) the South Africa based businessman, spoke about the latest investment by his backers in his first formal statement after being installed today as chairman.

He said the £5 million loan from Mike Ashley is not in the process of being repaid and that he hopes to renegotiate terms with Mr Ashley’s Sports Direct which has rights over the club’s retail operations.

He also dismissed Mr Ashley’s call for another meeting and for instant repayment of his loan.

“It is a lot of nonsense. The shareholders cannot tell the board how to behave. The board would be under no obligation to take their advice,” he said.

Mr King and a group of fellow investors took control of Rangers at an extraordinary general meeting in March after deposing Derek Llambias, a former Newcastle managing director, and former Sports Direct executive Barry Leach being deposed as chief executive and finance director, respectively.

Mr King offered his thanks to Mr Ashley for helping keep Rangers afloat but expressed a desire to see him exit Rangers at some point and to no longer exert any influence on the club. He said his relationship with Mr Ashley “is not great but not terrible”.

He acknowledged the need to increase funding into the club “substantially”, particularly if Rangers were to gain promotion next season.

Mr Murray added that the appointment of Mr King as chairman meant the club would begin the process of admission to a stock exchange, indicating that the club may want to issue shares to raise further capital.

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