Newcastle United owner Mike Ashley is to provide another loan to Rangers in order to help stabilise the club.

The 50-year-old businessman, who owns around 9% of the Gers, will increase his initial £2m emergency loan by a further £1m.

Rangers cited "lower than expected" match attendances for the improved cash injection, while also revealing that Ashley has given up the naming rights to Ibrox.

A club statement to the stock exchange read: "The Board of Rangers announces that MASH Holdings Limited ("MASH") has agreed to increase the £2m credit facility (the Facility) announced on October 27 with The Rangers Football Club Limited. MASH shall make available the additional sum of £1m for drawdown by the Company on 26 November 2014. All other terms remain the same.

"During the autumn, the club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business. The directors have begun a cost cutting exercise, but further working capital in addition to the Facility will be needed before the end of the year.

"The Board of Rangers is pleased to announce that Rangers Football Club Limited has entered into a partnership marketing agreement with SportsDirect.com Retail Limited ("Sports Direct") in which Sports Direct has given up its naming rights to the Ibrox Stadium."

Rangers executive chairman David Somers added: "The Rangers board welcomes this visible demonstration of the Sports Direct support and long term commitment to Rangers."

Ashley had initially purchased the Ibrox naming rights for £1 as part of a retail deal two years ago.