The Three Bears told the Rangers board they would stump up whatever was required to prevent Ibrox being used as security on a loan to Mike Ashley. The Douglas Park-led group also revealed how their bid to secure a guarantee for the stadium was recently kicked out by the powerbrokers – giving rise to the ‘abhorrent’ notion that it will now be mortgaged. The prospect of the Newcastle owner getting the title deeds to the stadium moved into clear view when his company served notice of its intention to use it as collateral on a £10million loan. Ashley, who has already loaned the club £3m, plans to extend its credit facility with him by using its prized asset and the Murray Park training complex as security. Mike Ashley has filed documents notifying land register bosses that he plans to take out security on Ibrox . News of the development – emerging from documents filed with the Registers of Scotland - was met with widespread anger by fans groups – with many highlighting the fact the board had repeatedly stated their famous ground was sacrosanct. Now the Rangers Supporters Trust are set to attend the Court of Session today in a bid to have an interim interdict granted against security over Ibrox being issued. The development could also force a push for drastic boardroom changes via an EGM but, as of the close of Stock Market business yesterday, Dave King, the man thought most likely to call one, had not done so. The Ibrox board had been negotiating with the Park-led consortium – knows as the Three Bears – to address its drastic cash shortage. The future of Rangers remains uncertain due to the club's drastic financial situation . That faction, which owns circa 20 per cent of the club, had been seeking two boardroom seats in return for a £5m investment. This would be transferred into equity through a forthcoming share issue. Those negotiations have been fruitless, however, as Ashley’s move means no other group can use Ibrox or Murray Park as security for 35 days. It’s believed the Park group had earmarked Murray Park for their purposes. Last night the three – Park, George Letham and George Taylor – responded to Ashley’s move by insisting they’d gladly up their level of investment if it meant keeping Ibrox out of his clutches. Furthermore, they revealed a request to keep Ibrox free of any security during the talks was flatly rejected. A consortium spokesman said: ‘If we are to believe the BBC report then the Board may be suffering from a bout of amnesia. ‘A £5m funding package was offered by us after discussions with Board members regarding the amount required by the club. If the Board are now saying they need more than £5m then we are prepared to increase our funding package to begin the process of putting Rangers back on a firm financial footing. ‘We hope this can be agreed soon so we can put an end to the suffering of Rangers fans who have been shown complete disregard for far too long. Newcastle owner Ashley is not yet ready to give up his grip on power at Rangers . ‘Rangers supporters deserve greater respect and it would be foolish to take them for granted. They have had enough and will not take any more. ‘Our initial funding offer also asked for a negative pledge on Ibrox, which is a guarantee that security over that asset couldn’t be given to anyone else. ‘This condition was refused by the Board and we accepted this on the basis of the Board’s previous statements that Ibrox would be sacrosanct. ‘Rangers fans, including ourselves, do not want Ibrox given over as security to anyone. The very notion is abhorrent to us and that it is even being considered suggests at best a lack of understanding of what Ibrox rep-resents and at worst a callous disrespect. ‘There is absolutely no need for Ibrox to be used as security when there are people ready and committed to offer more than adequate funding while at the same time protecting the stadium.’ Confirming moves were afoot to grant security over the stadium, a Rangers statement to the Stock Exchange read: ‘The directors confirm that they are currently consider-ing various proposals to secure the financial future of the club, however no decision has been made at this time.’ However, fans fear their club could be in thrall to Ashley for years to come were he to take possession of the title deeds to the stadium in the event of a default on the loan. The Rangers Supporters Trust said they were ‘taking urgent legal advice regarding this attempt by the board of Rangers Football Club to pass the most prized assets of the club to Mike Ashley’. The Ibrox club have turned down a £20million bid by US financier Robert Sarver . ‘We believe the board may be acting illegally on two fronts and we will be working with any other shareholder who wishes to challenge this. If necessary we will instigate legal action against the directors both collectively and individually. ‘We have also contacted several MPs and will be seeking political and government support to stop this attempted asset grab.’ The Union of Fans accused the board of lying to fans, while imploring a boycott of tonight’s crucial match with Hearts. Fan ownership group Rangers First also went public with its dismay at the latest development. It remains to be seen whether anything can be done to prevent Ashley taking security of Ibrox. Although King could yet call an EGM which may see Derek Llambias and Barry Leach deposed, that could take up to 42 days to stage. In theory, the board could solve the cash crisis with a combination of Ashley’s money and some of the £5m tabled by the Three Bears. But the Bears’ insistence on having two places – most likely at the expense of Llambias and Leach makes that seem highly unlikely. Last night, Sale Sharks owner Brian Kennedy, whose £3m rescue package was rejected in favour of Ashley’s, called on him to allay fans’ fears by publicly stating his intentions for Ibrox. ‘We’ve got to be rational,’ he said. ‘It’s very easy to take a kick at Mike Ashley but the bottom line here is that, if the club doesn’t get funds immediately, it will go into administration. ‘I can understand why Ashley’s offer is secured against Ibrox because I wanted to do the same thing when I offered the club money in November. ‘The key difference was my offer was conditional upon Ibrox being placed in a trust. ‘If Ashley was prepared to make such a pledge perhaps there would not be such feelings of anxiety and hysteria among the Rangers fans. They are being treated with absolute contempt.’
Mike Ashley plans to use Ibrox and and Murray Park training complex as security on £10m loan .
The Newcastle owner has already loaned £3m to the troubled Scottish club .
News of the development was met with widespread anger by fans groups .
The Three Bears told the Rangers board they would stump up whatever was required to prevent Ibrox being used as security on a loan to Mike Ashley. The Douglas Park-led group also revealed how their bid to secure a guarantee for the stadium was recently kicked out by the powerbrokers – giving rise to the ‘abhorrent’ notion that it will now be mortgaged. The prospect of the Newcastle owner getting the title deeds to the stadium moved into clear view when his company served notice of its intention to use it as collateral on a £10million loan. Ashley, who has already loaned the club £3m, plans to extend its credit facility with him by using its prized asset and the Murray Park training complex as security. Mike Ashley has filed documents notifying land register bosses that he plans to take out security on Ibrox . News of the development – emerging from documents filed with the Registers of Scotland - was met with widespread anger by fans groups – with many highlighting the fact the board had repeatedly stated their famous ground was sacrosanct. Now the Rangers Supporters Trust are set to attend the Court of Session today in a bid to have an interim interdict granted against security over Ibrox being issued. The development could also force a push for drastic boardroom changes via an EGM but, as of the close of Stock Market business yesterday, Dave King, the man thought most likely to call one, had not done so. The Ibrox board had been negotiating with the Park-led consortium – knows as the Three Bears – to address its drastic cash shortage. The future of Rangers remains uncertain due to the club's drastic financial situation . That faction, which owns circa 20 per cent of the club, had been seeking two boardroom seats in return for a £5m investment. This would be transferred into equity through a forthcoming share issue. Those negotiations have been fruitless, however, as Ashley’s move means no other group can use Ibrox or Murray Park as security for 35 days. It’s believed the Park group had earmarked Murray Park for their purposes. Last night the three – Park, George Letham and George Taylor – responded to Ashley’s move by insisting they’d gladly up their level of investment if it meant keeping Ibrox out of his clutches. Furthermore, they revealed a request to keep Ibrox free of any security during the talks was flatly rejected. A consortium spokesman said: ‘If we are to believe the BBC report then the Board may be suffering from a bout of amnesia. ‘A £5m funding package was offered by us after discussions with Board members regarding the amount required by the club. If the Board are now saying they need more than £5m then we are prepared to increase our funding package to begin the process of putting Rangers back on a firm financial footing. ‘We hope this can be agreed soon so we can put an end to the suffering of Rangers fans who have been shown complete disregard for far too long. Newcastle owner Ashley is not yet ready to give up his grip on power at Rangers . ‘Rangers supporters deserve greater respect and it would be foolish to take them for granted. They have had enough and will not take any more. ‘Our initial funding offer also asked for a negative pledge on Ibrox, which is a guarantee that security over that asset couldn’t be given to anyone else. ‘This condition was refused by the Board and we accepted this on the basis of the Board’s previous statements that Ibrox would be sacrosanct. ‘Rangers fans, including ourselves, do not want Ibrox given over as security to anyone. The very notion is abhorrent to us and that it is even being considered suggests at best a lack of understanding of what Ibrox rep-resents and at worst a callous disrespect. ‘There is absolutely no need for Ibrox to be used as security when there are people ready and committed to offer more than adequate funding while at the same time protecting the stadium.’ Confirming moves were afoot to grant security over the stadium, a Rangers statement to the Stock Exchange read: ‘The directors confirm that they are currently consider-ing various proposals to secure the financial future of the club, however no decision has been made at this time.’ However, fans fear their club could be in thrall to Ashley for years to come were he to take possession of the title deeds to the stadium in the event of a default on the loan. The Rangers Supporters Trust said they were ‘taking urgent legal advice regarding this attempt by the board of Rangers Football Club to pass the most prized assets of the club to Mike Ashley’. The Ibrox club have turned down a £20million bid by US financier Robert Sarver . ‘We believe the board may be acting illegally on two fronts and we will be working with any other shareholder who wishes to challenge this. If necessary we will instigate legal action against the directors both collectively and individually. ‘We have also contacted several MPs and will be seeking political and government support to stop this attempted asset grab.’ The Union of Fans accused the board of lying to fans, while imploring a boycott of tonight’s crucial match with Hearts. Fan ownership group Rangers First also went public with its dismay at the latest development. It remains to be seen whether anything can be done to prevent Ashley taking security of Ibrox. Although King could yet call an EGM which may see Derek Llambias and Barry Leach deposed, that could take up to 42 days to stage. In theory, the board could solve the cash crisis with a combination of Ashley’s money and some of the £5m tabled by the Three Bears. But the Bears’ insistence on having two places – most likely at the expense of Llambias and Leach makes that seem highly unlikely. Last night, Sale Sharks owner Brian Kennedy, whose £3m rescue package was rejected in favour of Ashley’s, called on him to allay fans’ fears by publicly stating his intentions for Ibrox. ‘We’ve got to be rational,’ he said. ‘It’s very easy to take a kick at Mike Ashley but the bottom line here is that, if the club doesn’t get funds immediately, it will go into administration. ‘I can understand why Ashley’s offer is secured against Ibrox because I wanted to do the same thing when I offered the club money in November. ‘The key difference was my offer was conditional upon Ibrox being placed in a trust. ‘If Ashley was prepared to make such a pledge perhaps there would not be such feelings of anxiety and hysteria among the Rangers fans. They are being treated with absolute contempt.’
already loaned the club £3m, plans to extend its asset and the Murray Park training complex as security. Mike Ashley has filed documents take out security on Ibrox . News of the the Registers of Scotland - was met with widespread anger by fans groups – with many