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RANGERS' retail operation remains under the control of billionaire Mike Ashley even though club chairman Dave King has now been appointed as a director, new papers reveal. The latest annual return newly posted for Rangers Retail Limited confirms that the Sports Direct founder and owner remains the ultimate controlling party - despite attempts to renegotiate the deal. In January, the company were given a further 26 percent of shares in Rangers Retail to add to the 49 percent which was already owned by the English businessman. It was a condition of his £5 million emergency loan to the club. Now it is revealed they have come in the form of B shares, which are seen as second-class stock in the company which runs the club's entire retail and merchandise operation, including the club's Rangers Megastore and holds rights under licence to the club's famous crests. Even if the loan is paid off, Mr Ashley and Sports Direct would remain in control over all Rangers Retail financial matters. That is because only Sports Direct has A shares in the operation and while they make up 49 per cent of Rangers Retail, they are twice as valuable when it comes to voting. That's because each A share receives two votes instead of just one on "Financial Matters". Promoted stories Recommended by The Rangers Retail set up has been a long-lasting area of controversy and at the end of last year, Rangers Supporters Trust launched an alternative shirt for fans as they took on Mr Ashley in the war over Rangers retail - and said all profits would be ploughed back into an increased shareholding in their club. The Rangers Retail Board is now made up of three directors, Mr King and Rangers International Football Club plc director Paul Murray alongside Sports Direct International chief executive David Forsey. Sports Direct's head of legal Cameron Olsen is both company secretary of Rangers Retail and SDI. The Rangers Retail registered office remains at Sports Direct HQ in Shirebrook, Derbyshire. Mr King said in May that he hoped to get a commercial and retail set up at Ibrox the fans "can buy into" after he was cleared by the Scottish Football Association as 'fit and proper' to be on the board. After indicating that he hoped concerns about the control Mr Ashley has over the club's retail operation could be sorted out, the board got the support of shareholders at a general meeting over a month ago to decide that repaying the Mr Ashley's loan was not in the club's interests. Shareholders also also backed the board in their bid to renegotiate the terms of agreements in place with Ashley’s retail empire. After Mr Ashley called the June 12 meeting to call in his £5 million, the board threatened to reveal details of the existing contracts but were prevented after Ashley won a legal injunction both north and south of the border. Latest accounts show that while Rangers Retail turnover quadrupled from £1.2 million in the year to April 2013 to £4.8m in the year to April 2014, profits only doubled from £434,312 to £877,662. That is because the costs associated with the sales soared by eight times that of the previous year from £546,656 to £4.2 million. It is understood most of that money has gone to Sports Direct as Rangers Retail is buying Rangers merchandise, including replica kits, gifts, polo shirts and track suits from the Ashley-controlled firm for use in club outlets. Sports Direct has previously confirmed that Rangers Retail has provided over £3.8m to Sports Direct in the year through such sales. Rangers Retail has rights to use the club’s famous emblems the RFC Scroll crest and the “Ready” crest for use on products. http://www.heraldscotland.com/news/13439288.Sports_Direct_supremo_Mike_Ashley_still_the_power_behind_the_Rangers_retail_throne/

who owns Puma ?

in the FTT it took between February when the tribunal last met until November when the result was made public I thought the Upper teir tribunal took months too but I can't remember how long really

In past tribunals it's been months before the result was released

In past tribunals it's been moths before the result was released

HMRC have been asked this but fobbed it off saying they couldn't seperate the costs of one case They're not going to tell us

Apparently HMRC are going to appeal again no proof of any of this yet

Rumours on Facebook (Blue Heaven) we've won again. To be announced later today. Warning ! this might be shite

can punters get in to watch stuff like that ?

Vucick and Foster got joy doing just that. Our failing was the lack of movement off the ball. A telling pass can only be made if a the recipient is running into space. Invariably our passes went to the feet of players who were already marked or had to turn to face the opposition goal. This allowed defences to close down

He won't be allowed on there for long

I couldn't care less what players did off the park. If they played good football for us then I'm happy. Slim Jim wasn't no angel you know !

The "we want it now" brigade are simply piping up to try to discredit King.

Boumsong..................................

I remember Dick Advocaat saying we were a selling club. His idea was essentially what Celtic are doing now. Buy good players and sell on when they were mid to late 20's. The only player I remember this working with was Van Bronckhurst

fuckin' tim on the wind up

Got a new manager and coaching staff finance to keep us going meanwhile kept Ashley's £5m ( get it up you fatso) getting players in to win the second tier ST selling............ all in 12 weeks ! what's this inaction people are on about ?

what surprised me was the headline reporting of what HMRC were saying. In the previous appeal there was little coming through the news. I think HMRC have changed tactics and looking for publicity for their "common sense" approach rather than arguing points of the law as they did in the past.

found it ""It is important to reiterate that the additional sanction of a registration embargo was imposed by an independent Judicial Panel chaired by a leading QC, Gary Allan, and upheld by an Appellate Tribunal chaired by a Supreme Court Judge, Lord Carloway." http://www.telegraph.co.uk/sport/football/teams/rangers/9303601/Rangers-court-triumph-over-transfer-embargo-could-backfire.html Glennie overturned it on appeal Not happy that a judge previously involved should be on this appeal tribunal same source Now, though, anything is possible again and the Telegraph understands that the view in legal circles is that Lord Carloway has cause to incline to the view that since Rangers’ offences were towards the higher end of the scale, the punishment should be proportionate. Certainly, there is concern within the SFA that Rangers are now more likely, rather than less, to suffer sanctions which could see them effectively expelled from football.

I remember Lord Carloway being involved with us before. Can't remember the details Anyone ?

We are in the 2n'd teir of Scottish football. We don't need a lot of signings only a competent manager

Neither McKay nor Templeton are good enough I can't understand fans who've been calling for McKay's return from loan. He couldn't run wide or cross a ball. His game seemed to be to run inside into blocks of defenders. A heavy tackle early doors would stop Templeton for the rest of the game.

I haven't got words to express the contempt I have for McMurdo

this is what the writer said "I thought he was far too small to be able to carve out a career as a successful 'keeper in the professional game, he just didn't strike me as being the answer to Town's long-standing problem in the goalkeeping area." but at 6' 1".....don't think that's short at all

so a wee guy who's a shot stopper. Hope he can command his box better than Cammy Bell