- Associated Press - Monday, October 27, 2014

GLASGOW, Scotland (AP) - The owner of Premier League team Newcastle has strengthened his position on the board of Rangers after agreeing to lend the financially stricken Scottish club 2 million pounds ($3.2 million) to pay debts.

Rangers says the loan by Mike Ashley, who already owns nearly 9 percent of the club’s shares, allows him to hire two directors on the board.

A statement released at the same time Monday says Graham Wallace has resigned as chief executive of Rangers, with British media reporting that Ashley had been calling for his removal.

Rangers, which has won a record 54 league titles in Scotland, was demoted to the bottom tier of Scottish football in 2012 because of financial problems. The Glasgow club is now in the second division after successive promotions.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide