Ashley Ripping Off Rangers?

Last updated : 01 April 2015 By Footy Mad - Editor

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Media-phobic British billionaire Mike Ashley may have lost his power over the board at Glasgow Rangers at the beginning of March, but that won't stop his companies from getting a sizable chunk of cash if the troubled football club gets promoted in the league.

Ashley will receive around half a million pounds if the club becomes more successful on the pitch, regardless of the financial health of the football club.

According to Rangers' interim results for the six month period to December 31, 2014, Ashley engineered the deal through the other football club he owns, Newcastle United.

During the January 2015 transfer window, Newcastle loaned five players to Rangers, Gael Bigirimana, Haris Vuckic, Kevin Mbabu, Remie Streete and Shane Ferguson.

"As part of those contracts, should the Club gain promotion in season 2014/15, either directly or via the play-off method, the Club will be liable to pay a total of £500,000 ($741,256) to Newcastle United Football Company Limited," said Rangers in regulatory statement.

Rangers were demoted down three leagues in 2012 for going bankrupt, which is against the Scottish Football League rules.