Rangers football club remains in turmoil as it launches an investigation into claims Mike Ashley now owns the rights to the club's badges.
The Newcastle United and Sports Direct owner has been trying to take control of the club for the last 18 months but SFA rules forbids him owning a club in both England and Scotland.
Those rules haven’t stopped Ashley from trying to run the club in other ways such as sending Dereck Llambias to the club as chief executive.
Rangers have five Newcastle players on their books as a deal was struck in during the January transfer window between the two clubs. The club announced as part of the deal that has brought the players in that should they secure promotion then Rangers would pay £500,000 to the Premier League side.
Ashley was investigated by the SFA in January after they requested clarification into what exactly his role is at the troubled club.
Now it has come to light that the clubs badges and icons were secured as part of a £5 million loan that was agreed between both parties in January.
Dave King has promised a quick investigation into the documents on the IPO which revealed the clubs trademarks are under the control of SportsDirect.com
A statement from King read ‘The board is currently conducting a review of all contractual documentation but this particular issue has become a matter of urgency.' Although Ashley can only have a 10% share in the club, which he has, he know takes 75% of the club's retail income.
It’s been a tough 24 hours for the Rangers faithful after they saw their team suffer a surprise 3-0 defeat to Queen of the South in the league.
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