14.57% stake and two weeks later called for an EGM on 16 January. The original date was set by the board was 4 March in a hotel in London; however, this was then moved to Ibrox Stadium, after two successive hotels refused to host the event, with a date of 6 March. During the run-up to the EGM, the incumbent Rangers board agreed £10m funding deal with Sports Direct. The agreement saw Sports Direct hold a floating charge over Murray Park, Edmiston House, Albion Car Park and the club's registered trademarks. Sports Direct was also transferred 26% of Rangers' share in Rangers Retail Limited (Rangers previously held 51%, with Sports Direct holding the balance). The club were bound to forego all shirt sponsorship revenue for the 2016–17 season and subsequent seasons until the loan was repaid. On transfer deadline day, Rangers were loaned five players from Newcastle United, a Premier League club that Ashley owns. February saw a large volume of share purchases, and Rangers supporters groups were heavily involved. With the writing apparently on the wall, Rangers director James Easdale resigned just over a week before the EGM and chairman Somers departed with fours days to go. The SFA's investigation into Ashley concluded at the beginning of March that Ashley was deemed to have broken rules on dual ownership due to his influence on the affairs of Rangers. He was fined £7,500, and Rangers were subsequently fined £5,500 over a month later for their lack of governance. Just two days before the EGM, the club's nominated adviser, WH Ireland, resigned, resulting shares in the plc being suspended. The outcome of the EGM was a decisive victory for King's consortium, with Derek Llambias and finance director Barry Leach being voted off the board, replaced by King, Paul Murray and John Giligan. Both King and Murray subsequently applied to be passed as a fit and proper person by the SFA, with the later being cleared at the beginning of May. Further board appointments were made, with John Bennett and Chris Graham added to the plc board as non-executive directors. James Blair was appointed company secretary. Graham resigned his directorship three days later. On the same day as the appointments, Rangers suspended Llambias, Leach and Sandy Easdale from its football club board pending an internal investigation. After poor results in both the league and Scottish Cup, Stuart McCall replaced Kenny McDowall as