Rangers Won't Pay Back Ashley Loan!

Last updated : 17 June 2015 By Footy Mad - Editor

... the football club voted to not give him the remaining cash back immediately.

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Ashley owns 9% of Rangers (4% personally and 5% through his MASH holdings company), making him the second-largest shareholder in the Rangers group. He also owns 75% of Rangers Retail.

Ashley loaned £10 million ($15.1 million) at the beginning of 2015 but used half of it to pay back his own companies from an earlier £3 million ($4.7 million) loan. The remainder was used as working capital in January so the club could stay afloat.

He the demanded the immediate return of the remaining £5 million ($7.8 million) from Rangers after his long term and loyal business partners in top positions at Rangers were ousted in March by investor David King, who has the largest stake in Rangers, at 14.5%.

Rangers unveiled the on Tuesday the results of the voting at an Extraordinary General Meeting on Friday. Some 53.64% voted against paying back the loan to Ashley "as soon as possible after the passing of this Resolution." While 62.5% voted in favour of renegotiating Rangers' commercial deal with Sports Direct.