London--Rangers shareholders have voted against Mike Ashley's call they immediately repay a £5 million ($8 million) loan to the cash-strapped club from the Newcastle United owner's Sports Direct chain.
Ashley, who as well as owning Premier League side Newcastle, also holds a 8.92 percent stake in the fallen Scottish giants, called a general meeting at Ibrox on Friday.
But shareholders backed calls from chairman Dave King to reject Ashley's resolution, with 53.64 percent of those taking part voting against the billionaire businessman.
The previous board, backed by Ashley, borrowed the money in January.
But a boardroom coup instigated by King saw Ashley associates Derek Llambias and Barry Leach forced out.
Ashley demanded the return of his money and sought an explanation as to why Rangers were thrown off the Alternative Investment Market stock exchange just two days after a King-led board took control at Ibrox.
Monday saw Rangers appoint their first English manager in the club's 143-year history after Mark Warburton, the former manager of English second-tier side Brentford, was installed on a three-year-deal.
The 52-year-old has been given the task of getting the Glasgow club back into the top flight of Scottish football after they missed out following a 6-1 aggregate play-off defeat by Motherwell last month.
The record 54-times champions of Scotland, Rangers have suffered a series of financial problems, with a liquidation crisis seeing them banished to the fourth tier of Scottish football in 2012 after going into administration before they started their climb back up the league ladder.
AFP
