Scottish Championship side Rangers has taken a £500,000 ($761,500) emergency loan from Dir Sandy Easdale as "uncertainty grows over the club's future," according to Grant Russell of STV. Easdale has provided the "interest-free facility to the company's parent, Rangers International Football Club plc." The money, which will be used "for general working purposes over the next few days," is "secured against the proceeds of the sale of Lewis Macleod to Brentford last week" (STV, 1/5). In London, Roddy Forsyth wrote in a "day of high drama at Ibrox the Rangers board is negotiating under severe pressure to save the club from financial meltdown for the second time in three years." The plc directors are "frantically trying to strike a deal with the investor alliance of Dave King -- a former Rangers director -- and the Three Bears consortium, who last week scooped up available shares in an audacious raid." Even as the Rangers board sought an agreement to "avoid the club's collapse,"
however, a statement from Easdale's PR advisor, Jack Irvine, brought a
"sharp retort from King." Commenting on Easdale's secured funding deal, Irvine said, "Once again Sandy
has stepped up to the plate with this half million pound loan from his own
pocket." King retorted angrily and said, "Given that Sandy Easdale
rejected new funds and was a chief architect in getting the club into this
mess, lending a small amount of money is the minimum he should have done. As
part restitution he should make the £500,000 a donation rather than a loan" (TELEGRAPH, 1/5). Forsyth reported in a separate piece the Rangers board "will be swept out of power this week" unless shareholder Mike Ashley "saves the directors." King and the Three Bears -- "wealthy Rangers supporters, Douglas Park, George
Letham and George Taylor -- are now believed to command sufficient support
from small shareholders plus the proxy votes of other investors to such an
extent that if a general meeting were to be held they would not only win,
but do so comfortably." The "crucial question is how much Ashley cares about running clubs in England
and Scotland," or if his "basic position is to protect the Sports Direct contracts by which
Rangers' merchandise is sold through his retail chain" (TELEGRAPH, 1/4).
IN THE CLEAR: Russell reported in a separate piece the Scottish Professional Football League "is satisfied Rangers have not breached rules over claims they have fallen behind on National Insurance payments." The SPFL was reportedly "unaware of a potential winding-up order being issued by HM Revenue and Customs to the club." SPFL rules "require clubs to declare if they are more than 28 days behind on paying tax, within two days of a default occurring." However "it is understood that following conversations between Rangers and the league, the SPFL is satisfied a 'default event' has not occurred" (STV, 1/5).
ASHLEY UNDER PRESSURE TO SELL: In London, Luke Edwards reported EPL side Newcastle United Owner Ashley will "step up his search for a new head coach to replace former manager Alan Pardew this week as disgruntled supporters try to increase the pressure on him to sell the club." Supporters of both Newcastle and Rangers "have been alarmed by the prospect that Ashley's involvement in the running of both businesses will prevent them from playing in Europe at the same time" (TELEGRAPH, 1/4).