by Our Sports Desk

RANGERS yesterday agreed an out-of-court settlement with former commercial director Imran Ahmad, who was suing the club for breach of contract.

Ahmad last week won the right to arrest £620,000 from the club’s bank account pending the court case in light of their ongoing financial difficulties.

Rangers were given leave to appeal that Court of Session decision with their case due to be heard in two months but they announced an imminent end to the case in a statement to the London Stock Exchange yesterday morning.

Ahmad had claimed he was owed £500,000 in unpaid bonuses from Rangers.

The statement read: “Rangers have agreed formal terms of settlement with former commercial director Imran Ahmad regarding his current court action.

“The sum agreed is significantly less than the total amount which Mr Ahmad had been granted permission to arrest.

“As part of the settlement terms Mr Ahmad has agreed to refrain from arresting funds in Rangers’ bank account or in the hands of others pending the formal removal of the case from court.

“No such arrestment will now take place.

“The case will be formally taken out of court in the next few days.”

Ahmad was Charles Green’s main partner when his consortium took control of Ibrox in an assets purchase of the liquidation-hit Rangers in June 2012.

He left his role in April 2013, while Green had quit as chief executive the previous week following claims over links with former Rangers owner Craig Whyte.

The news of the settlement came hours below the deadline for applications for the latest Rangers share issue, from which the club hope to raise almost £4 million.

When the issue was launched two weeks ago, the board issued warnings about their ability to meet financial obligations if the fundraising exercise fails.

Newcastle owner Mike Ashley revealed he would not be buying any shares just before the deadline.

Ashley was reported to be considering selling the Magpies in a bid to focus on increasing his stake at Rangers.

But in a brief statement to the stock exchange, Ashley said: “I will not be participating in the Open Offer which closes at 11am today, Friday, September 12, 2014.”

Ashley is listed as having a stake of about 4.6 per cent in Rangers and it recently emerged that he secured the naming rights for Ibrox when he struck a deal to control the club’s merchandising sales through his Sports Direct firm.