Graham Wallace resigns as Rangers CEO, club accept Mike Ashley's £2m loan

Graham Wallace resigns as Rangers chief executive after the Scottish club accept a £2m emergency loan from Newcastle United owner Mike Ashley.

Rangers have announced that chief executive Graham Wallace has resigned from his post at Ibrox.

The move comes just three days after director Philip Nash stepped down from the club's board.

The numerous changes to the hierarchy are a result of the club accepting an emergency loan offer from Newcastle United owner Mike Ashley, who recently increased his stake in the club to 9%.

Reports have claimed that part of the loan offer's conditions from Ashley included the removal of both Nash and Wallace.

A statement from Rangers on their official website said: "The directors would like to thank Graham for his contribution to the club during a difficult period. The board has commenced the search for a chief executive officer. A further announcement will be made in due course."

The Scottish outfit have also confirmed that they have entered a "credit facility agreement" with MASH Holdings Limited, which is owned by Ashley and will provide an interest-free loan of £2m for six months.

The agreement also allows Ashley's company to appoint two directors and widespread reports have claimed that Derek Llambias will be added to the board.

Newcastle owner Mike Ashley looks on before the Barclays Premier League match between Cardiff City and Newcastle United at Cardiff City Stadium on October 5, 2013
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