Thursday 11 June 2015 16:44, UK
Mike Ashley's Sports Direct have been granted an injunction preventing the release of confidential information about their retail deal with Rangers at the club's Extraordinary General Meeting on Friday.
Sports Direct asked a judge in London’s High Court of Justice that confidential information, including the percentage of income going to Rangers from merchandise sales, should not be disclosed at the meeting.
It follows an article in the Scottish newspaper The Daily Record in which Rangers chairman Dave King said he would "blow the lid" on the Sports Direct contracts after Ashley called for an EGM to demand immediate repayment of a £5m loan made to the club.
Consequently Sports Direct took their case to the High Court to prevent confidential information being made public at the meeting and were granted the injunction.
Rangers have also been ordered to pay £20,000 in legal costs.
Ashley's Sports Direct is a 75 per cent shareholder in Rangers Retail Limited but the current board said they were hoping to use the EGM to re-negotiate the contracts.
Ashley called for the EGM to demand immediate repayment of the loan and an explanation as to why Rangers were delisted from the AIM Stock Exchange following King's Ibrox takeover in March.
Chairman Dave King and the Rangers board launched counter proposals which could include trying to limit Ashley’s influence at the club in the future.
