The Rangers board have announced that they have received a £1.5m loan from the 'Three Bears consortium'.

The deal, which is interest free, has been reached following discussions with the consortium, which is made up of Douglas Park, George Letham and George Taylor.

It has also been confirmed that the Scottish Championship club have "ceased the process" of drawing down the second £5m tranche of the Sports Direct owner Mike Ashley's £10m loan.

"The company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m. The proceeds of the loans are available generally for the purposes of the company and will be used for working capital," read a statement.

"The company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on January 27 2015 with SportsDirect.com Retail Limited and associated companies."

The trio also loaned Rangers £1m last year.