GLASGOW Rangers yesterday accepted a long-term credit facility of £10m from Sports Direct boss Mike Ashley.
The football club admitted its financial condition has been made worse by poor match attendance.
The facility is structured in two interest free tranches with £5m available immediately for working capital purposes and the repayment of previous debt, with no specific repayment period.
The second tranche of £5m is repayable five years after drawdown and will also be used, if required, for working capital purposes.
The club will transfer 26 per cent of its subsidiary Rangers Retail to Sports Direct, to be transferred back upon repayment of the loan.
The club has also agreed that from the 2017-18 season any future shirt sponsorship proceeds will be for the benefit of Rangers Retail which will also declare a dividend of a total of £1.6m prior to the transfer.