EPL side Newcastle Owner and Scottish Championship side Rangers shareholder Mike Ashley is ready to "provide a loan" of about £10M ($15M) to Rangers but wants "security of Ibrox Stadium and the club's Murray Park training ground," according to McLaughlin & Wilson of the BBC. The so-called Three Bears consortium, led by businessman Douglas Park, "is believed to have offered a counter loan of about half that amount." That group wants "two seats on the club board and security over Murray Park." However, the Rangers board reportedly feels the £5M ($7.6M) loan is "not enough." Rangers have "paved the way for the acceptance of Ashley's loan by
lodging advance notices of security" against Ibrox and Murray Park on
behalf of Sports Direct, Ashley's sportswear company (BBC, 1/15). The PA's Andy Newport reported the papers lodged with the Register of Scotland -- called an advance notice -- "protect the deed and mean anyone else looking to issue the board a loan would not be able to take Ibrox or Murray Park as security." The document is valid for 35 days, meaning Ashley has until Feb. 17 to "strike a rescue deal." While the board this week rejected U.S. financier Robert Sarver's £20M ($30.4M) takeover bid, Ashley "still faces competition from the Three Bears" and former Dir Dave King for control of Rangers (PA, 1/15). In Glasgow, Keith Jackson reported Premiership rugby Sale Sharks Owner Brian Kennedy has urged Ashley to make Ibrox "sacrosanct." Kennedy believes the Rangers support would be a "lot less hostile to Ashley's proposals if the Newcastle owner promised to protect their spiritual home at all costs." Kennedy: "We've got to be rational, it's very easy to take a kick at Mike Ashley but the bottom line here is that, if the club doesn't get funds immediately, it will go into administration. ... There are only two options open to them -- one is the Douglas Park consortium and one is Mike Ashley" (Scotland DAILY RECORD, 1/15).
FANS SEEK LEGAL ADVICE: Also in Glasgow, Gary Ralston reported Rangers fans are "taking legal advice against their own board" over moves by Ashley to grab security over Ibrox Stadium. The Light Blues legions have "reacted with horror" and the Rangers Supporters Trust has accused Ashley of undertaking an "asset grab." They are now seeking the "support of political figures and legal advisors in a bid to prevent the Newcastle United owner adding still further to his grip on the club." An RST spokesperson said, "We believe the board may be acting illegally on two fronts and will be working with any other shareholder who wishes to challenge this" (DAILY RECORD, 1/15).
