Rangers Chair David Somers Reveals Why Club Knocked Back King Offer

Scottish Championship side Rangers Chair David Somers "lifted the lid on why the club knocked back Dave King's offer of investment," according to the Scotland DAILY RECORD. Somers claimed that the South African-based businessman "failed to provide proof of funds and that made it impossible for the board to accept King’s proposition." A proposal from King's consortium "was considered along with another from former Blue Knight Brian Kennedy" before Ibrox directors instead accepted a £2M ($3M) loan from shareholder Mike Ashley last month. Ashley has since increased that by a further £1M ($1.5M) "with his loan secured against the club's Edmiston house and Albion car park properties." Somers said, "We had three people offering us funds and I felt it was very important we do proper due diligence on all three. In the past Rangers has perhaps done deals it wouldn't have done if it had done proper due diligence. ... When I said to all three of these people 'would you show me proof of funds?' two showed me proof of funds. The consortium did not. ... In the end we had to move on to stage two which left two providers." EPL side Newcastle Owner Ashley, who owns almost 9% of Rangers, "has a long-standing agreement to sell the Ibrox club's merchandise through his sports retail businesses." Somers: "The merchandising agreement is important to us. We make quite a lot of money from it, and so Mike Ashley and we are both keen that Rangers has financial stability because then we will both benefit" (DAILY RECORD, 11/18).