Sports Direct boss strengthens hold on Rangers with loan deal

first_img whatsapp Tags: Company Sports Direct Intl Sports Direct boss strengthens hold on Rangers with loan deal Express KCS Tuesday 27 January 2015 8:44 pm GLASGOW Rangers yesterday accepted a long-term credit facility of £10m from Sports Direct boss Mike Ashley.The football club admitted its financial condition has been made worse by poor match attendance.The facility is structured in two interest free tranches with £5m available immediately for working capital purposes and the repayment of previous debt, with no specific repayment period.The second tranche of £5m is repayable five years after drawdown and will also be used, if required, for working capital purposes.The club will transfer 26 per cent of its subsidiary Rangers Retail to Sports Direct, to be transferred back upon repayment of the loan. The club has also agreed that from the 2017-18 season any future shirt sponsorship proceeds will be for the benefit of Rangers Retail which will also declare a dividend of a total of £1.6m prior to the transfer. whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Show Comments ▼last_img

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