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".

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.