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Secured: Sportscotland will receive a grant back from Rangers if Murray Park is sold off. Pic: ©SNS Group

Sportscotland have moved to ensure they will be repaid in full first if Rangers' Murray Park training ground is ever sold off by Mike Ashley.

The businessman gained security over the facility when he loaned the club £5m in January but the award of a floating charge conflicted with a previous agreement with the government body.

Sportscotland, at the time known as the Scottish Sports Council, gave the Rangers oldco £650,000 towards construction costs in the late 1990s.

The organisation's funding has no known repayment terms other than that it is able to recoup its money in full if Murray Park is ever sold for non-football purposes.

Sportscotland also hold the right to refuse any other security being granted on the property to any other persons, meaning an agreement had to be struck with Rangers and Ashley's Sports Direct company.

Documents seen by STV detail that, should the Glasgow club ever default on the terms of its £5m loan to the businessman, Murray Park would fall under the joint ownership of both Ashley and sportscotland.

The government department's interest in the building will however, according to the documents, extend only to ensuring they are paid back their £650,000 in full.

Any other proceeds from the sale of Murray Park would then go to repaying Sports Direct's £5m, with sportscotland subsequently in line to receive any other money they have loaned Rangers.

It is not detailed whether sportscotland have any other monies outstanding from Rangers relating to Murray Park. Ashley would thereafter receive the remaining proceeds of any sale.

The three-way document was signed by Rangers director Paul Murray on May 6, with sportscotland chair Louise Martin signing 19 days later.

Sports Direct subsequently concluded the agreement when their chief executive Dave Forsey signed on June 12, the day Rangers chairman Dave King was reportedly in London for discussions with the company over their loan to the club.

Ashley, who is the founder and now executive deputy chairman of Sports Direct, is not named on the document and does not appear to have given his signature.

Rangers' Ashley loan

The money given to Rangers by Mike Ashley remains a point of controversy for the club, with the businessman holding security over more than their training ground.

Should the board default on the £5m provided earlier this year, Sports Direct would also inherit the club's trademarks and badges, as well as its Albion Car Park and an office block at the club's stadium called Edmiston House.

The deal also ensures that 75% of all revenue from the sale of Rangers merchandise, including replica shirts, goes to Ashley's firm.

The only property Rangers would continue to own is its Ibrox Stadium, which was excluded from the securities awarded and is not covered by a floating charge Ashley has over the club's assets.

Rangers shareholders recently voted against a resolution brought by Ashley to attempt to force the club to immediately repay his money. His loan has no fixed repayment term and is interest free.

The club's chairman Dave King has previously stated the board will make the decision on when to repay the money and said he was seeking talks with Sports Direct to find a "more holistic agreement".

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I never knew about the 650k and although it's good sense from SS I'm sure it's probably some sellick minded fuck who has pushed for this and the rhags will gladly publicise to scaremonger.

It is (tu) Its Grant Russell from STV

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mmm, would this agreement with Sports Scotland not fall under a contract with the Old Co. ? Meaning it has no relevance to the club at the present time. if transfer fees for Jelavic etc have come under auspicies of the old co then this must surely do so a well. Seems like a half researched story by a tarrier loving journalist AGAIN,

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Why is this debt not for the oldco ?

Must have been some form of agreement of transfer when Green bought the club IMO.

SS could have enforced their security and recouped their money through the sale of the ground, but must have let it transfer over as it would continue to be used for its original purpose.

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Paying this should have been this boards first move,After all the shouting about how bad Ashley was, I hate to think how much debt we are in now under King and his band of free loaders.

I think the fear was in case thy paid it back before looking into contracts etc and finding out later that they didn't have to pay it back at all or that something dodgy meant it was null and void. Which is fair enough I think. If the contracts have now been looked at and the club aknowledge that the loan is due to be repaid, at any time, then they have to pay it asap. It would be a huge statement. I have a feeling King wants to use fans money to pay it back though. He may see it as nothing to do with him.

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This charge has been in place since Auchenhowie was built and is intended to make sure they get their money back if Rangers sell off the land for anything else.

It's nothing to do with the current board or Ashley, or even previous regimes. It was transferred from Oldco and I'm guessing this story was another change to the paperwork.

I don't know if it ever needs repaid or expires after a certain period, but its really a bit of a non story.

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