SteveC 150 Posted May 13, 2015 Share Posted May 13, 2015 (edited) Mike Ashley goes to WAR with the Rangers board and demands: Give me my £5m loan back NOW 06:00, 13 May 2015 By Keith Jackson , Mark McGivern NEWCASTLE owner also requests ANOTHER general meeting and asks for a full explanation into stock market delisting as he issues Ibrox chiefs with an ultimatum. MIKE ASHLEY has turned his guns on the new Rangers regime by requisitioning a general meeting and asking for his £5m loan to be repaid in full. Record Sport can reveal the Sports Direct tycoon made the highly aggressive move one week AFTER the Ibrox club’s interim chairman Paul Murray and director John Gilligan travelled south to open ‘peace talks’ at his Shirebrook HQ in Derbyshire - but five days BEFORE cops raided the premises as part of a probe into the commercial activities of former owners Craig Whyte and Charles Green. In the letter, which is dated April 29, Ashley demands to know the ‘precise details’ surrounding the recent delisting of the club from the AIM Stock Exchange, a move which was triggered when Dave King teamed up with other high profile shareholders to successfully remove Derek Llambias and Derek Leach from the boardroom. He also proposes resolutions which if voted through, would force the new regime to hand back a £5 million crisis loan which was agreed between Ashley, Llambias and Leach in January. In exchange for the cash Ashley will hand back security over all the Rangers crests and badges, the club’s Murray Park training ground and Albion Street car park and the Edmiston House facility. Record Sport can also reveal that Ashley had a negative security clause written into the deal struck with the previous board, which means Rangers cannot use security of Ibrox stadium in order to raise funds with any third parties. The letter was sent two weeks ago, but Ashley has been complaining that he is still awaiting a response. A source close to Ashley said last night: “This is a message to Dave King and his associates to put up or shut up. The board and the fans own more than half of the Rangers shares, so they have the power to vote this through - if they have the money. “All they have to do is find the £5 million that he gave them in January and he will release security on the various brands, Murray Park, the car park and Edmiston House. http://www.dailyrecord.co.uk/sport/football/football-news/mike-ashley-goes-war-rangers-5687137 Edited May 13, 2015 by SteveC 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,146 Posted May 13, 2015 Share Posted May 13, 2015 Good - let's repay the loan and get all our property back under full control. 0 Quote Link to post Share on other sites More sharing options...
torrygillick 0 Posted May 13, 2015 Share Posted May 13, 2015 Give it to him NOW 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,146 Posted May 13, 2015 Share Posted May 13, 2015 Give it to him NOW On the face of it, that seems the best course of action but the retention of the loan monies does mean the board has some leverage over Ashley to an extent. I guess it comes down to how much that leverage is worth when compared to the security Ashley holds over certain properties and contracts. What we also have to consider if that IF we do decide to pay £5m in short order, how will that affect investment plans for next season and beyond. £5m may not seem a lot of cash on its own but it's a fair percentage of any money King is looking to put in. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 13, 2015 Share Posted May 13, 2015 Being said that the police were at Ibrox yesterday, any connection ? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,234 Posted May 13, 2015 Share Posted May 13, 2015 Being said that the police were at Ibrox yesterday, any connection ? Who knows, but could also be that that was rather connected to the admin investigation? Regarding the topic ... I take it there are details in the Sports Direct loan deal which specify any repayment schedules and options. I doubt that one says "at any time Mr. Mike Ashley deems it fine". Yet, as always, let's wait for a response from the club that may shed more light on the topic. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted May 13, 2015 Share Posted May 13, 2015 so the Board visit ashley et al ashley requisitions a GM police raid the SD HQ Oh dear looks like things are about to turn very ugly indeed. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,234 Posted May 13, 2015 Share Posted May 13, 2015 I'm intent to win next Friday's Eurojackpot which stands at Euro 112m. I'll put us out of our misrey afterwards, so keep the fingers crossed. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted May 13, 2015 Share Posted May 13, 2015 Ha! Somethi gs going on that ashley doesnt like! cant wait to see the back of the rodent and i hope hes in it up to his neck with Green and co. Im actually surprised that the board never took steps to pay him off in the first place. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted May 13, 2015 Share Posted May 13, 2015 Ha! Somethi gs going on that ashley doesnt like! cant wait to see the back of the rodent and i hope hes in it up to his neck with Green and co. Im actually surprised that the board never took steps to pay him off in the first place. maybe they were confident they wouldn't have to?? 0 Quote Link to post Share on other sites More sharing options...
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