ian1964 10,411 Posted June 10, 2015 Share Posted June 10, 2015 The Sports Direct founder owns a near 9% stake in the crisis hit club and his company, Mash Holdings, has asked the club to repay a £9m loan. Sports Direct tycoon Mike Ashley has issued a fiery defence of his dealings with Rangers FC. The Sports Direct founder owns a near 9% stake in the crisis hit club. But the investment has been the focus of much attention, with critics questioning his motives. The latest twist came when Ashley’s company, Mash Holdings, asked the club to repay a £5million loan. The club has slammed the move, urging shareholders to reject it at an extraordinary general meeting scheduled for this Friday. But Mash, in a rare statement due to be issued today, defends its decision. It insists the money was only designed as a “short term loan facility”, part of an initial £10m offer. The statement, seen by the Mirror, adds: “It should not be forgotten that, at the end of the day, Sports Direct is not a bank.” Sports Direct already had a joint venture with Rangers that saw it get 49% of retail revenues with the club taking the other 51%. As part of the loan agreement, Sports Direct’s take rose to 75%, as well as it having security over certain Rangers assets. The agreement will revert back once the money is repaid, says the statement. In it, Mash also highlights the club’s current stock market status which has left thousands of small shareholders in the lurch. Shares in Rangers were suspended from the AIM stock market in March after its nominated adviser, WH Ireland, quit. At the time, Rangers said it was transferring to an another index, ISDX. In the statement, Mash says it was “surprised and concerned as to the speed with which, following the general meeting held on March 6, Rangers Plc, was delisted from AIM.” Newcastle United owner Ashley suffered another setback in March when two allies were voted off the Rangers’ board. The move enabled the appointment of three new directors loyal to South African shareholder Dave King. Reports say Rangers are also unhappy at the loan signings of five Newcastle United players on deadline day at the end of the January transfer window. Only one, attacking midfielder Haris Vuckic, was regularly played in the first team. Rangers refused to comment. http://www.mirror.co.uk/news/business/sports-directs-mike-ashley-tells-5855002#ICID=sharebar_twitter 0 Quote Link to post Share on other sites More sharing options...
Oleg_Mcnoleg 50 Posted June 10, 2015 Share Posted June 10, 2015 And our club's not a cash-point, fatty. 0 Quote Link to post Share on other sites More sharing options...
compo 6,129 Posted June 10, 2015 Share Posted June 10, 2015 What's 5million to him 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 10, 2015 Share Posted June 10, 2015 He tried to steal our assets with it now he's in the huff. Anything that makes him unhappy delights me. 0 Quote Link to post Share on other sites More sharing options...
luke 0 Posted June 10, 2015 Share Posted June 10, 2015 His backers were out on twitter posting this and then this story appears, he's running scared. https://twitter.com/Steadfast163rd/status/608345243881246721 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,258 Posted June 10, 2015 Share Posted June 10, 2015 What's 5million to him 5million probably means nothing to him as would putting us into administration as a result. If King has the money some say he has he should pay Ashley his money back 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,411 Posted June 10, 2015 Author Share Posted June 10, 2015 5million probably means nothing to him as would putting us into administration as a result.If King has the money some say he has he should pay Ashley his money back You really are relentless in your dislike for King................ 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,258 Posted June 10, 2015 Share Posted June 10, 2015 You really are relentless in your dislike for King................ I have no dislike of him I assure you. Perhaps I am less convinced by him than you & others are 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted June 10, 2015 Share Posted June 10, 2015 Hoy Chubby shut up and eat your pie, you'll get your £5mil back when we decide. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,411 Posted June 10, 2015 Author Share Posted June 10, 2015 I have no dislike of him I assure you. Perhaps I am less convinced by him than you & others are I'm more convinced by him than the rats that have been chased out of our club,you obviously prefer the previous theives to King as you handed them your cash for a ST last season but are implying you won't buy one this season. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.