Rangers have announced that they have agreed a £10m loan deal with Sports Direct owner Mike Ashley.

The businessman, who also owns Premier League outfit Newcastle United, has strengthened his position on the Rangers board with the loan offer.

Initially, Ashley aimed to take security out on Ibrox Stadium, but following uproar from supporters, the club ruled out the proposal.

Instead, the loan from Ashley, who owns a nine percent share in the Scottish outfit, will be secured against the club's assets and Murray Park training ground.

A statement to the Stock Exchange read: "The company's financial condition has been perilous for a number of months exacerbated by lower than expected match attendances. The directors have implemented a cost-cutting program with which they have made significant progress.

"There is however an immediate need for a substantial injection of capital and the directors have considered a number of options, The terms negotiation with SD represent the optimum combination of quantum and duration of funding, allowing the company time to arrange permanent capital which can be used for strengthening the playing squad."

On the pitch, Rangers are currently second in the Scottish Championship table.