RFC.L Share News (RFC)

Scottish football club Rangers FC has submitted advance loan notices of security against Ibrox and Murray Park on behalf Sports Direct.The move means that only the sports clothing retailer can be granted security on the facilities for a 35-day period, though the Ibrox outfit could now accept a loan from Sports Direct owner Mike Ashley in return for the security.The cash-stripped club have received a cash offer from the consortium of Douglas Park, George Letham and George Taylor, who between them own a 20% stake in Rangers.The group is thought to be keen to convert their loan funding, which is required to meet January's wage obligations, into equity in the future. However, such an option is currently beyond Ashley's reach, after the Scottish Football Association rejected his request for permission to raise his stake in the club above 10%.Rangers refused Brian Kennedy's request to be granted security over Ibrox when he offered a £3m emergency loan late in 2014, as club chairman David Somers insisted the club's stadium would never be used as security against a loan.Having turned down Kennedy's offer, Rangers opted to accept a £2m loan - later raised to £3m -from Newcastle's owner Ashley, who holds an 8.92% stake in the Glasgow club.Ashley's long-time associate Derek Llambias, previously managing director at Newcastle, was then appointed as Rangers' chief executive officer, while Barry Leach left his executive role at Sports Direct to become the club's finance director.The latest development in the saga surrounding the Scottish Championship outfit caused widespread malaise among fans, many of whom had opposed Ashley's arrival at the club."The board has given public assurances that Ibrox would not be used for any type of security," Chris Graham of the Rangers Supporters Trust told the BBC."We will be liaising with other shareholders to see what legal remedies are available. This is precisely why we campaigned so hard to protect our stadium."It is quite clear that Mr Llambias and Mr Leach are only in place to ensure that Mike Ashley retains power."This board has to be removed immediately and the fans have to make their feelings known in the strongest possible terms. This is the final straw."