Rangers investors reject loan repayment call from Ashley's Sports Direct

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. Rangers said on Tuesday 53.64 percent of votes cast last Friday were in favour of the club not yet repaying the loan. In a second resolution, shareholders voted 62.5 percent in favour of backing a push by directors to renegotiate the contractual terms of its dealings with Sports Direct. Sports Direct was not immediately available for comment. After a series of boardroom fallouts and financial troubles, King won the battle for control of the club in March, ousting the board and appointing himself and others to its helm. The club failed to secure a return to the Scottish Premier League in the season just ended, losing 6-1 on aggregate to Motherwell in the promotion playoff final. King was last month appointed chairman of Rangers after the Scottish Football Association (SFA) said it was satisfied he was "fit and proper" to take the role. ($1 = 0.6399 pounds) (Reporting by Neil Maidment; Editing by David Holmes)