Friday 27 November 2015 18:12, UK
Rangers chairman Dave King says the club will pay back a £5m loan to Mike Ashley's Sports Direct after a funding commitment from directors.
It was revealed at the club's Annual General Meeting on Friday morning that the Ibrox board had reversed its previous decision in June not to repay the loan.
King confirmed the loan repayment would mean the club gets security over the training ground at Auchenhowie and Albion car park outside Ibrox.
The South Africa-based businessman revealed he and five of his fellow directors have vowed to provide the funds to reimburse Sports Direct owner Ashley.
King told around 1,000 shareholders: "At the board meeting which we finished in the early hours of last evening, the board made a decision to reverse our previous position regarding the Sports Direct loan.
"I previously felt that loan was something the club was entitled to and shouldn't be repaid. But with the ongoing situation with Sports Direct a decision was made last night that we would endeavour to repay the loan as long as we could raise the funds to do so.
"I'm delighted that once again with the commitment the investors are giving to this club, it took me just one hour to make phone calls and myself, Douglas Park, George Letham, George Taylor, Paul Murray and John Bennett [gave a] commitment for the £5m and we will be advising Sports Direct today we will be repaying that loan."
King was advised not to answer certain questions from shareholders relating to the club's retail deal with Sports Direct for fear of breaching a gagging order.
However, the Rangers chairman did say there is "zero chance" of the club being stripped of titles following HMRC's successful second appeal over the so-called "big tax case", with company secretary James Blair adding, "there is no legal case for that ever happening".
King said promotion to the Scottish Premiership is the club's top priority and added manager Mark Warburton will have money to spend on players in January if he wishes.
"We must have promotion this season. Mark Warburton and his staff are committed to achieving that," King said.
"We will make it back to top of the game as the size and strength of our support demands that. Nothing will prevent us reaching goals.
"No club has been made to suffer the way Rangers have but we will emerge stronger than ever."
Asked how much the club intends to invest in the long term, King said: "It will depend on the requirements of the manager.
"We have got great value with players so far. £30m still seems a sensible number for the long-term investment in the club. This will likely come from existing investors.
