Newcastle Owner Mike Ashley Wants £5 Million Rangers Loan Back

By Ross Tweddell / May 13, 2015

Newcastle United owner Mike Ashley has demanded a meeting of the Rangers board to pay back the £5 million loan he gave to the Glasgow club.

In an appointment that is set to shock The Gers to its core, Ashley has also asked the board members to explain why the club has been delisted from the AIM stock exchange.

The chunky cockney looked to be planning to get out of Toon when he increased his stake in the former Scottish champions to 9%, but he now seems to be having a rethink.

Maybe Rangers, and their easier route into the Champions League which would have provided advertising on the continent for Ashley's company Sports Direct, isn't as profitable as he once thought.

In requesting his loan to be repaid, The Magpies' owner is relinquishing his hold on his second interest's branding, their Murray Park training ground and substantial retail rights.

This move comes after Ashley lost control in Rangers' boardroom to Dave King following a unanimous decision made by the club's directors in an EGM last month. King himself is waiting for the Scottish FA to approve his claim to become the club's Chairman outright. New interim chairman Paul Murray has been cleared to become a director of the Scottish Championship high flyers, despite sitting on the board along with King in the years preceding Rangers' insolvency in 2012. On top of that, Police investigating the plethora of takeovers at Rangers over the last few years searched Mike Ashley's Sports Direct Derbyshire headquarters last week. It hasn't been a good season for Mike by all accounts. For all the latest NUFC News, Views and Transfers make sure to follow WhatCultureNUFC on Twitter and Facebook.