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http://sport.stv.tv/football/clubs/rangers/306606-mike-ashley-posts-intent-to-take-out-security-over-rangers-ibrox-stadium/

 

Mike Ashley has posted notice of his intention to take out security over Rangers' Ibrox Stadium.

 

Documents seen by STV show that Sports Direct have filed their intent to add their name to the title deeds of the ground.

 

Ashley has 35 days to complete the application but the lodging of documents indicates the owner of Newcastle United could be set to provide a secured loan to Rangers to provide badly-needed cash.

 

Rangers have stated they currently do not have enough cash to trade until the end of January.

 

Ashley notice of intent does not guarantee he will be the one to provide funding to the club but the move is significant for two reasons.

 

Firstly no other party has previously been able to secure a loan against Ibrox because of a contingent liability listed in the club's accounts. The liability relates to a case brought by Craig Whyte, who claims he is the legal owner of the asset.

 

Secondly the move by Ashley means that should any other party step up to provide funding to the club, they would not be able to secure their loan against Ibrox as the document lodged by Ashley takes precedence.

 

The notice of intent would first have to expire before a security could be lodged.

 

The club were unavailable for comment when contacted by STV on Thursday morning.

 

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Edited by Frankie
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