RANGERS fans have blasted the under-fire Ibrox board for the 'dreadful' deal that has handed Mike Ashley control of the club's assets.

As part of the £10million loan arrangement that was announced to the Stock Exchange yesterday morning, Ashley has taken security over Murray Park, Rangers' trademarks and strengthened his grip on the club's merchandise operation.

The Newcastle United owner also has the right to nominate two directors to the Ibrox board for the duration of the loan.

Chairman David Somers claimed the agreement was a "great deal" that would help the Light Blues get back into the Premiership and Champions League.

However, Rangers Supporters' Trust spokesman Chris Graham told SportTimes: "It is not surprising they have gone for Ashley, but they have effectively saddled the club with £7m worth of debt and, at the same time, restricted the ability of the club to repay that debt.

"The board had a straight choice between the Three Bears' offer, which was investment into the club, or the Ashley debt package.

"They have given away more revenue from Rangers Retail and future shirt sponsorship and that is a major issue. It not only saddles us with debt, it restricts the club's ability to repay it. It is a dreadful deal.

"The deal itself is bad enough, but then David Somers tries to insult the fans' intelligence by telling us how wonderful it is.

"There is absolutely no way they can dress this up as being good for the club."

The latest Ashley loan has ramped up pressure on the board ahead of a make-or-break EGM.

A date for the shareholder summit that could see Somers, Derek Llambias, Barry Leach and James Easdale axed has yet to be confirmed.

And Graham has urged fans to make sure they play their part as Dave King, Paul Murray and John Gilligan seek election to the board.

He said: "The most important thing is that we kick these guys out at the EGM.

"We have to make sure that in the next few weeks we buy as many shares as we can, bring together as many of the shareholders as we can and make sure that everyone realises how important their shares are.

"The fans could make the difference between getting rid of this board, or not, so everyone has to vote themselves or proxy them.

"It is one thing to complain about the deal, but we have it in our power to do something about it."