RANGERS supporters have been 'betrayed' by a 'cowardly' Ibrox board for doing a controversial deal with Mike Ashley.

That was the claim from the Union of Fans last night as they hit out at the £2million loan deal that has seen Ashley grab power at Ibrox.

The businessman has become a key figure at Rangers after the board turned down offers from Dave King and Brian Kennedy in favour of Ashley's loan, which ultimately lead to the departures of Graham Wallace and Philip Nash.

UoF spokesman Chris Graham said: "The Rangers support and the club itself has once again been betrayed by those tasked with overseeing the health and success of our football club.

"The decision by the non-executive directors of the plc board, Mr Somers, Mr James Easdale and Mr Norman Crighton, to effectively hand control of the club to Mike Ashley in return for a £2m, short-term loan, is a disgrace.

"They have acted in a cowardly way and have been bullied by Mike Ashley and Sandy Easdale into giving them precisely what they want with no regard for the club."

The Ashley arrangement has been met with fury by fans who were backing King's multi-million pound investment plan.

The Newcastle United chief will appoint two new members to the board after his short-term fix was rubber-stamped.

Ashley already has contracts for Rangers' commercial interests and a controversial £1 naming rights agreement for Ibrox.

Graham said: "The board had to decide whether to take us down the route of a long term, £16m, sustainable investment and the start of a process where fans could once again trust those tasked with nursing Rangers back to health.

"Instead they have handed Mike Ashley control of the boardroom for a pittance.

"It means we are likely to see Mr Ashley gain long-term control of the club's remaining commercial income without having to invest a penny.

"The board has, through a policy of inaction and cooperation with Sandy Easdale's shareholder group, allowed a situation to develop where corporate vultures are grabbing what assets they can.

"There is no long-term plan. There is no investment. We simply limp from one short-term fix to another, each time giving away more of the family silver, despite a clear alternative being available."

Supporters gathered outside Ibrox last night ahead of the League Cup clash with St Johnstone to protest at the latest developments in the saga.

Thousands have refused to renew season tickets and have vowed to boycott the club and Ashley's businesses.

Graham said: "It is now a matter of individual conscience for fans if they wish to continue to fund the corporate pillaging of our football club.

"For the remainder of this season, every ticket they buy will be used to pay Mr Ashley back the money he has lent for control of our club.

"Effectively, they will be paying him for the privilege of his power grab."

In the wake of Wallace's exit, football board chairman Sandy Easdale said it was time for the club to move forward.

He said: "The PLC board have done their duty and due diligence and have done what is in the best interests of the fans, the club and the shareholders. I would hope this brings some stability to the club."

Rangers last night declined to comment.

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