Cash-strapped Rangers will receive a boost after Douglas Park, George Letham and George Taylor agreed to provide £1.5m loans to the football club.
The loans from the group known as the "Three Bears consortium" are being made available until 31 December 2015 for working capital requirements and will be provided on an unsecured basis, meaning the football club is not required to offer assets as collateral.
However Rangers, currently third in the Scottish Championship and 26 points off top spot, will lose the potential £5m funding stream offered by Mike Ashley’s SportsDirect.com Retail Limited.
Ashley’s company had agreed to provide £10m of loans in two tranches, the second of which the club will no longer receive after saying it has stopped meeting the conditions on which it is based.
Rangers said in a statement:
The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies.