Scottish Rangers Chair Dave King Meets With Sports Direct For Renegotiation Talks

Scottish Championship side Rangers Chair Dave King missed the club's recent extraordinary general meeting to hold talks with Sports Direct over a "renegotiation of the club's crippling retail deals," according to Stephen Mcgowan of the London DAILY MAIL. Mike Ashley, who owns 8.92% of the club, requisitioned the EGM, which took place on June 12, seeking the repayment of a £5M ($7.8M) Sports Direct loan to the Ibrox outfit. Sports Direct currently owns 75% of the club's retail operation. And in return for repayment of the loan, it would reduce its stake to 49%, arguing this would allow Rangers to "make more cash from merchandise sales." While shareholders were defeating the Ashley move, however, King was in London to "explore the possibility of a renegotiation of a contract" heavily weighted in favor of Sports Direct. Incensed by the deal agreed by former CEO Charles Green, however, community ownership group Rangers First has "already voted for an official boycott of the retailer" (DAILY MAIL, 6/24).