Mike Ashley wants Rangers to return £5m loan
Mike Ashley wants his cash back.
The Rangers shareholder has requested the club's board call an extraordinary meeting to pay back his £5m loan and explain why Rangers have been delisted from the Aim stock exchange.
In a letter acquired by The Daily Record, Ashley has told the new Rangers board to hold a meeting and pass a resolution to pay back the £5m within 10 days.
If the loan was returned to Ashley, the club will regain securities on branding, retail rights and the Murray Park training ground – granted to Ashley's MASH Holdings as part of the deal.
The multimillionaire founder of Sports Direct loaned Rangers £10m – £5m of which was made immediately available as working capital – in January in order to help the club stay afloat.
Read more: Rangers shares delisted from AIM stock exchange
At the time Ashley associates who had previously worked at his other companies, such as Derek Llambias and Barry Leach, were sitting on the club's board. The Newcastle United owner wielded big influence at Rangers – even after he was thwarted by the Scottish FA in trying to triple his shareholding.
However, since then South Africa-based businessman Dave King has ousted Llambias and co and told them to stay away from the club.
Rangers were delisted from the Aim exchange in April after failing to find a nominated adviser to replace WH Ireland.
Police investigating two previous takeovers of Rangers raided Sports Direct headquarters last month, however the company stressed that the visit was not "directed at Sports Direct or any of its directors or employees".