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David Somers branded an 'idiot' over comments on Ashley loan

Rangers chairman David Somers has been attacked by the head of the club's main supporters group.

Chris Graham, head of the Rangers Supporters Trust, has branded the club’s chairman an ‘idiot’ in the Daily Record.

Graham is angry after chairman David Somers suggested the club could back to their best days after a £10 million loan from Newcastle United owner Mike Ashley.

The Record suggests Ashley now has control over most of the major assets at the club other than Ibrox Stadium.

“Only an idiot would trumpet this as a good deal for Rangers – and Somers is an idiot,” said Graham.

“If we didn’t already know their track record you would describe this as an amateur decision by an incompetent board.”

“They’ve effectively chosen to take on £5m of debt rather than a financial package that would have been converted to equity at a later date.”

Graham has also suggested worry over the club’s ability to pay the money back because he claims fewer revenue streams are now available.

The paper claims that £8 million of the loan has already been accounted for, which shows the pressure and stress of the financial situation that Rangers are already under.

What would help is progression and continued development up through the leagues, which can allow the club to charge higher ticket prices and restructure commercial agreements in line with Ibrox.

There is a chance at the club that should Ashley offer more cash, Ibrox, one of the most historic stadiums in the UK, could still be used as security.

That opens up the possibility that businessman could rename the ground and make changes similar to what’s happened at Newcastle, as reported by the Daily Mail.

There are arguably going to be more twists and turns ahead.

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