Cash strapped Glasgow Rangers strikes Sports Direct deal in stop-gap arrangement

Scottish soccer club Rangers said on Tuesday it had struck a deal with Mike Ashley's Sports Direct for a 10 million pound ($15 million) credit facility, giving the stricken former champions time to find permanent investment.

Rangers, which needed funding to survive beyond the end of January, said the 10 million pounds would be used in part to pay off a previous Ashley loan. The agreement is secured against the club's assets but not its Ibrox stadium.

As part of the deal a 26 percent stake in Rangers' retail business - a joint venture with Sports Direct - will be given to the sporting goods retailer. The stake will be transferred back to Rangers when the facility is repaid, the club said.