Wednesday 13 May 2015 11:14, UK
Mike Ashley's Sports Direct company has asked Rangers to repay its £5m loan.
Rangers' previous board of directors in January accepted the offer of a £10m loan, secured against property and shares in the club's retail operation, half of which was made immediately available as working capital.
That board, which included Ashley associates Derek Llambias and Barry Leach, has since been ousted, and Dave King's new-look board said in March they would not be drawing down the second £5m on offer from Sports Direct.
Now sources close to Ashley have told Sky Sports News HQ that once the initial £5m is returned - interest-free - his relationship with the Ibrox board will revert to normal.
Rangers have confirmed they are considering the request from Ashley, who also wants an explanation over the club's delisting from the Stock Exchange after failing to secure a new nominated advisor.
Ashley, it is understood, always suspected Rangers might delist but noted at the time comments from King about the possibility of appointing a new 'nomad'.
Sources close to Ashley also highlight that the Newcastle owner was prepared "to loan millions of pounds to the club in the first place" and claim "other financial institutions declined the chance to do the same".
King, meanwhile, is still wating to hear whether the Scottish Football Association will approve him as a 'fit and proper person' to sit on the Ibrox board.
Acting chairman Paul Murray was this month cleared to continue in the role but the case of King, who in 2013 was convicted of breaching South African tax laws, remains ongoing.
