Scottish Championship side Rangers agreed to an interest-free £1.5M ($2.24M) loan with Three Bears investors Douglas Park, George Letham and George Taylor, according to the SCOTSMAN. It is the "first major move by the Ibrox outfit's new board since Dave King forced out the previous Mike Ashley-backed regime earlier this month." Ashley handed the club a £5M ($7.5M) loan earlier this year -- but the club has "also now revealed" it has halted the process that "would have allowed them to withdraw" another £5M from the "vast coffers" of Ashley, the EPL side Newcastle United owner. Park, who has now been appointed to the "new-look Light Blues board" along with Paul Murray, John Gilligan and John Bennett, and his associates Taylor and Letham played a "key role in King's boardroom coup." The board said that the loan will allow it "more time to find fresh sources of investment as they start work on rebuilding the fallen Glasgow giants" (SCOTSMAN, 3/23). The Scotland DAILY RECORD reported the move "also means Ashley will now not be able to appoint anyone on to the new board that swept into power" during the EGM earlier this month. King has "yet to invest his own money," although upon his coronation he pledged to plough in more than £10M ($14.97M) (DAILY RECORD, 3/23). In Glasgow, Christopher Jack reported the loan from the Three Bears "will be used for working capital requirements and is interest and fee free." The new Rangers hierarchy has spent its first few weeks in office "going through the books and developing a clearer understanding of the financial picture at Ibrox" (EVENING TIMES, 3/23).
