A fund that was set up by Rangers fans to “back the club they love” before it went into liquidation handed over £500,000 yesterday to the Rangers Supporters Trust (RST) to bolster its legal kitty to help prevent Mike Ashley from having security over Ibrox Stadium in return for a sizeable loan.

A statement released by the trust read: “The Rangers Supporters Trust is delighted to announce that, following a successful meeting yesterday, the Rangers Fans Fighting Fund has thrown its considerable finances and influence behind the RST’s continuing fight to ensure Ibrox remains under the control of the club.

“We are delighted that the Rangers Fans Fighting Fund (RFFF) has taken this decision and would like to thank them for doing so. There is now a substantial legal fund available, should it be required, to fight any attempt by this board to pass security over Ibrox to Mike Ashley. We will work closely with the RFFF going forward to ensure every avenue is explored.”

The statement added: “The RST is not taking this action for the benefit of only its own members but for every Rangers fan and fan group. The RFFF represents a time when all Rangers fans were 100 per cent united in one cause and the board should be under no illusions that we are again. We are delighted to provide the necessary legal standing, through our shareholder status, to enable Rangers fans to fight for our spiritual home.”

It was only last week the RST had intimated their intentions to take legal action to block attempts by the board to hand security of the stadium over to Mike Ashley in return for a £10 million loan, but after taking legal advice they decided to pull the plug.

A spokesman for the RFFF added: “In recent days it has become crystal clear that the club’s current board is considering the use of Ibrox Stadium and Murray Park in order to secure a further loan from Mike Ashley. Mr Ashley already has security over Edmiston House and the Albion Car Park and the RFFF, like almost all Rangers supporters, feels securitising our historic stadium and training ground is a step too far.

“Ibrox, in our view, is sacrosanct. It is a memorial to the 66 who lost their lives. Some of the greatest names in Scottish football history have graced the hallowed turf down the years and it should never be used as collateral in order to secure a loan that is not in the best interests of the club.” 

It is still to be seen what, if any, action they can take to block such a deal.