The Scottish Championship side Rangers board’s decision to accept a credit facility of up to £10M ($15M) from EPL side Newcastle Owner Mike Ashley was "slammed by the rival ‘Three Bears’ group," according to Andrew Smith of the SCOTSMAN. The Douglas Park, George Letham and George Taylor consortium had a £6.5M ($9.8M) loan offer rejected in favor of two tranches of £5M ($7.5M) "that will be available to Rangers’ through Ashley’s Sports Direct group." The group issued a statement which claimed that "Ashley’s cash will do nothing to repair financially damaging relations with supporters and insisted that their counter offer would have been far more advantageous to the Ibrox club." A host of conditions "have been applied to Ashley’s latest patching up of finances which the club themselves described as 'perilous'" on Tuesday. The Three Bears claimed that their bid, which had fewer strings attached, "foundered on their unwillingness to give chief executive Derek Llambias assurances that they would vote against resolutions to remove directors at the forthcoming extraordinary general meeting called by former director Dave King." Rangers Chair David Somers "greeted the agreeing of these interest-free loan facilities" -- five years the timescale for paying off the first £5M -- as “great news” that provided the club with a “platform of stability" (SCOTSMAN, 1/28).
RANGERS BLOCKED: STV's Matt Coyle wrote a legal action "has blocked the Rangers board" from handing Ashley security over Ibrox stadium. The Rangers Supporters Trust "sought legal advice over the issue and submitted a court petition blocking the move for three weeks." The legal move explains why Ashley's £10M loan this week "was secured against Murray Park, Edmiston House and the club's badges, but not Ibrox" (STV, 1/28). In Glasgow, Gregor Kyle wrote the Rangers' official fan group has "delivered a vote of no confidence in the club's embattled board." The Rangers Fan Board "announced the result of their vote in a statement on their official Facebook page." The statement reveals that "the board has effectively blanked the RFB over the growing cash crisis at the club, refusing to communicate with them or listen to their concerns" (DAILY RECORD, 1/28).
