RANGERS have announced that payment has been sent to Sports Direct to repay the £5million loan facilitiy.
Chairman Dave King revealed at Rangers' AGM last month that the Ibrox board would look to settle the debt with the Mike Ashley owned firm.
A statement from Rangers today read: "We are pleased to announce that payment has today been sent to Sportsdirect.com Retail Limited of the full amount of the loan facilities provided by that company to The Rangers Football Club Limited."
The repayment of the loan will see security over Rangers' Murray Park training base, the Albion car park, Edmiston House and their registered trademarks returned to their control.
Speaking after the AGM in Glasgow a couple of weeks ago, King said of the plan to repay Ashley: "I just think it gives us more flexibility. We felt it was the right thing to do at this moment in time.
"We’re not in a position to speak about Sports Direct but I just felt it was the right thing to do.
"It was a change of heart and I think what was really, really exciting from my point of view was the speed with which we marshalled the resources.
"We made the decision with the board last night. Douglas Park, George Letham, George Taylor, Paul Murray and John Bennett (gave a) commitment for the £5million and we will be advising Sports Direct today we will be repaying that loan."
It remains to be seen what the deal will mean for the relationship between the Gers board and businessman Ashley.
Through his Sports Direct empire, Ashley controls Rangers' retail and merchandise streams and King and his fellow directors are keen to renegotiate the deals to secure more favourable terms for Rangers.
The Newcastle United owner has launched a series of legal moves against the Gers board in recent months while supporters continue to boycott official shops and Sports Direct outlets in protest as his controversial relationship with the club.
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