MIKE Ashley has called on the Rangers board to call a general meeting - and pay back his £5million loan in return for club branding rights.

Mr Ashley, who owns a 9% stake in Rangers has also asked the board to explain why the club has been delisted from the AIM stock exchange.

If the loan is paid back, the club will regain security over its branding, the Murray Park training ground and the club’s retail rights.

Mr Ashley currently holds these rights.

The businessman, who is director of MASH Holdings Limited, wrote to the Rangers board on April 29.

In the correspondence, seen by the Evening Times, he asked Rangers directors to explain the “precise reasons why the Company is no longer traded on AIM and what steps the Directors took to preserve this trading facility.”

The letter also asks what steps should be taken to protect the interests of the shareholders, “given that the Directors have been unable to secure a suitable alternative publicly traded market for the Company.”

Mr Ashley asks for the repayment of the loan owed to sports direct “within 10 days of the passing of this Resolution.”

A £10m loan was agreed to help keep the club solvent, although only £5m was made available immediately through working capital.

The move came after the Sports Direct owner lost control of the Ibrox boardroom to businessman Dave King, who is awaiting Scottish FA approval to become the club’s new chairman.

That followed an EGM called by Mr King in March, when shareholders backed the former Rangers director and his allies.

Paul Murray, who was named interim chairman, was this month cleared by the SFA to become a director of the Scottish Championship club.

Last week police investigating takeovers at Rangers searched Sports Direct’s Derbyshire headquarters.

The company said that it related to “various persons previously employed by and or associated with Rangers” and was “not directed at Sports Direct or at any of its directors or employees.”

The firm added: “Sports Direct has co-operated fully and will continue to co-operate in the provision of information that the police request.”