Ashley loans Rangers extra cash

Mike Ashley has lent Rangers a further £1million after their financial crisis was exacerbated by falling attendances - but has given up the naming rights to Ibrox.

Rangers shareholder Ashley recently strengthened his influence on Ibrox by lending the club £2million, a deal which saw chief executive Graham Wallace and director Philip Nash resign and two of the Newcastle owner's close associates arrive in Glasgow.

The club announced to the stock exchange on Wednesday morning that the loan had been extended to £3million while simultaneously revealing they have entered into a marketing agreement with Ashley's Sports Direct firm.

However, that agreement sees Sports Direct give up its right to re-name Ibrox Stadium, which Ashley secured for just £1 following a previous agreement with former chief executive Charles Green.

A statement revealed that Ashley's Mash Holdings would make available'' an additional £1million on November 26, when wages are due to be paid.

The statement continued: During the autumn, the club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business.

The directors have begun a cost-cutting exercise, but further working capital in addition to the facility will be needed before the end of the year.''

The second statement added: The board of Rangers is pleased to announce that Rangers Football Club Limited has entered into a partnership marketing agreement with SportsDirect.com Retail Limited (''Sports Direct) in which Sports Direct has given up its naming rights to the Ibrox Stadium.

The agreement consolidates existing marketing arrangements between the parties and results in a more normalised retail joint venture marketing arrangement in which Sports Direct will continue to have certain advertising rights.''

Rangers plc chairman David Somers added: This agreement has been concluded to demonstrate the importance both parties place on our relationship.

The Rangers board welcomes this visible demonstration of the Sports Direct support and long-term commitment to Rangers.''