Scottish Championship: Mike Ashley takes control of Rangers as chief executive Graham Wallace resigns

Rangers Football Board Chairman Sandy Easdale is hopeful the money Rangers have received from Mike Ashley can provide the club with the stability they need

Mike Ashley has effectively taken control of Rangers following the resignation of chief executive Graham Wallace.

The London Stock Exchange has confirmed that Ashley's £2million emergency loan offer has been accepted.

Rangers Football Board Chairman Sandy Easdale is hopeful the money Rangers have received from Mike Ashley can provide the club with the stability they need

One of the conditions of the loan was the resignation of Wallace and Ashley's deal will allow him to choose two directors to replace Wallace and Philip Nash, who also left the club on Friday - Sky sources understand one of those will be Derek Llambias, who was Ashley's managing director at Newcastle until resigning last year.

Llambias arrived in Glasgow on Monday night but would not comment on any questions posed to him about taking a role with Rangers.

The Stock Exchange statement said: "Rangers announces that Graham Wallace, chief executive officer, has resigned as a director and employee of the company and its subsidiaries with immediate effect.

"The directors would like to thank Graham for his contribution to the club during a difficult period.

"The board has commenced the search for a chief executive officer. A further announcement will be made in due course."

Rangers manager Ally McCoist is not concerned about his future following this morning's news that Mike Ashley has effectively taken control of the club fol

The Newcastle United owner's long term vision has been given the backing of Rangers' institutional investors, most significantly by Sandy Easdale who controls 26% of shares.

The long-term retail and naming rights contracts Ashley holds with Rangers have helped him consolidate a power base at the club. 

The SFA are expected to contact Rangers in due course for clarification on Ashley's involvement at the club. The association have an agreement that Ashley cannot own more than 10% of shares, nor can he have undue influence over boardroom matters; however it is unclear whether the SFA would be able to act in any way if Ashley does not increase his personal shareholding.

Earlier this year Ashley committed to remaining at Newcastle until at least the summer of 2016; but it is believed he sees Rangers as a viable and profitable asset going forwards, especially if the club returns to the Scottish Premiership and ultimately European competition.

On Friday, the board of Rangers voted to accept the offer of an emergency loan from Ashley, thus rejecting one from Sale Sharks owner Brian Kennedy.

Kennedy, who was a member of the Blue Knights consortium which failed to stop the club from sinking into liquidation in the summer of 2012, had made a last-gasp £3million counter offer.

Rangers chief executive Graham Wallace
Image: Graham Wallace: Resigned as Rangers chief executive

Last week, former director Dave King failed to reach an agreement with the Rangers board over a proposed £16million cash injection into the Scottish Championship club.

King has already returned to South Africa after talks broke down without an agreement. Backed by former Blue Knight Paul Murray and wealthy fan George Letham, King was looking for a controlling stake at Ibrox in return for a cash injection.

Sky Sports News HQ reported on Friday that the club is thought to have a major funding shortfall, followed by the loss of around 15,000 season ticket holders, coupled with high staffing costs, which has left a huge financial hole.

Rangers’ most recent interim accounts in March of this year showed losses of £3.5million for the final six months of 2013, with the same amount available in cash reserves.

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