Newcastle United billionaire owner Mike Ashley strengthened his grip on Rangers yesterday after the Ibrox side accepted his offer of a £10 million loan two days before wages were due to be paid.

£5m will be available to Rangers immediately for working capital, £3m of which will be used to pay back the crisis loan that Ashley gave them back in October.

In return for his loan, Rangers have handed Ashley security over the Murray Park training ground, Edmiston House, Albion Car Park and importantly the registered trademarks — such as the Rangers name and the club badge.

But after widespread protests by Rangers fans against Ibrox being used as security in the initial deal, Ashley took the stadium off the table.

The Glasgow side are also handing over 26 per cent of their shareholding in Rangers Retail Limited — the retail arm of the club — taking Ashley’s control from 49 per cent to 75 per cent. Shirt sponsorship revenue from season 2017-18 onwards will be paid directly to Rangers Retail Limited until the loan is repaid.

Ashley and Rangers were set to face a Scottish FA judicial panel but the hearing was postponed at the behest of lawyers acting on behalf of the Newcastle United owner, after asking for more time to prepare their case. 

With the governing body judgement delayed, Ashley struck swiftly to strengthen his hold on the Championship side further.

The 50-year-old already has two of his own men on the board, in the guise of Rangers chief executive Derek Llambias and finance director Barry Leach, but this new loan deal will see the United owner secure a further two places on the board.

Rangers chairman David Somers commented: “The Board has sought for some time to establish a long-term funding solution for the company in order to create a platform of stability to build for the future. 

“This facility begins this process and we very much hope that it will be augmented with further permanent capital in due course.

“In addition, the executive team have made strides in addressing the cost base of the company in order to improve our financial condition and working capital profile. 

“We very much hope that we can now move away from having to seek short-term funding solutions and can focus our efforts towards investing in the first team playing squad, a return to profitability and to re-establishing Rangers in the top league in Scottish Football and in due course, to European competition. 

“The Board now calls upon all shareholders to rally together to achieve this goal.”

A further £5m loan will be available to Rangers also to be used for working capital, when they need it, subject to due diligence by Sports Direct before being issued.