LONDON, June 16 (Reuters) - British sporting goods tycoon Mike Ashley has lost a bid to get repaid a 5 million pound ($7.8 million) loan by his Sports Direct group to Scottish soccer club Rangers.
Sports Direct, Britain's biggest sportswear retailer, had provided a 10 million pound lifeline to Rangers in January, with half available immediately, to help ensure the survival of a club in whose retail arm the company had a major holding.
But since then South Africa-based businessman Dave King has won a battle for control of the Glasgow club.
In May, Ashley, who owns 9 percent of Rangers and also controls English Premier League club Newcastle United, called a meeting to ask for the loan to be repaid, an action that would in turn trigger the release of Rangers' assets used as security and see Sports Direct's shareholding of the retail arm revert to 49 percent from 75 percent.