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Rangers board wins both EGM resolutions

Ashley defeated in loan bid and now faces new Sports Direct talks

IbroxMike Ashley has lost his attempt to force Rangers into repaying his £5 million loan and he will also have to re-negotiate the contract between the club and Sports Direct.

Shareholders threw out the resolution tabled through his MASH Holdings company at Friday’s EGM and backed a second motion by the Rangers board to draw up new terms with his retail empire.

Results of the votes were revealed today and show that Ashley’s motion was defeated by 34 million (53.64%) of the votes cast to 29.4m supporting his demand. He had offered to release security over the Rangers’ brands, Murray Park training ground, Albion Street car park, and Edmiston House if the the loan was repaid in full.

For – 29,376,675 (46.36%)
Against – 33,988,991 (53.64%)

Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company’s issued  share capital

Shareholders backed the second resolution for a new contract that was “fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct.”

For – 39,760,539 (62.5%)

Against – 23,852,291 (37.5%)

Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company’s issued  share capital.

The club later announced that Stewart Robertson, former director at Motherwell, is to become managing director.

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