YES, writes Matthew Lindsay

TO say relations between Mike Ashley and Dave King haven’t been cordial since the latter succeeded in wresting control of Rangers away from the former earlier this year is a massive understatement.

King has not only been unable to renegotiate a contract with Sports Direct which was previously described as “onerous”, he has been served with a High Court injunction preventing him from speaking about it.

In addition, Ashley, the enigmatic billionaire and Newcastle United owner, has launched legal actions against King, for allegedly breaching the terms of that gagging order, and the SFA, for passing the South Africa-based businessman as “fit and proper”.

It doesn’t look as if there is any hope of a resolution being reached any time soon or, for that matter, at all in the future.

But Ashley is smarting due to the £5 million interest-free loan he gave Rangers in January, when the previous regime was in power, not being immediately repaid by the current hierarchy. What impact would giving him his money back have?

Also, Rangers supporters who are growing increasingly concerned, amid claims that the Championship leaders only receive 50p for every £10 spent on official merchandise, are refusing to buy replica jerseys and other products in increasingly large numbers.

Ashley isn’t stupid. There is wild speculation about the terms of his tie-up with Rangers. It has been suggested any unsold stock has to be bought back by the club. But surely to goodness he would far rather more people shelled out for his goods than do at the moment?

The potential to make money at Rangers is colossal. If the current board gave their tens of thousands of followers the all clear to frequent the Sports Direct stores they could sell huge numbers of strips. Isn’t that appealing to big Mike?

It will be hard. Rangers made a £7.5 million loss in the last financial year and needs another £2.5 million to stay afloat between now and the end of the 2015/16 season. It doesn’t appear like Ashley will be getting his cash back any time soon.

However, Rangers will need to reclaim security over the Albion Car Park, Edmiston House, Murray Park and the club crests and badges at some point. There has been much talk about a share issue in the future.

Stewart Robertson, the Rangers managing director, is optimistic the financial figures will be vastly improved next year. If Ashley can be repaid, it will maybe help to placate him, but it will be far from easy.

NOT LIKELY, writes Gary Keown.

MICHAEL MARTIN, a board member of the Newcastle United Supporters’ Trust, issued a warning to Rangers and Dave King about Mike Ashley in a most interesting article on these very pages just a couple of weeks ago.

“I think it will come down to whoever blinks first with the legal bills, Sports Direct or Rangers,” he remarked when addressing the issue of the Ibrox club trying to change the terms of the retail agreements currently in existence between both companies.

“However, he has got unlimited funds to fight those actions whereas Rangers are desperate for commercial income so they can compete with Celtic again.”

Things, it is fair to say, have moved on a little since then. Ashley has since made moves to take King to court over claims he broke a gagging clause forced on the Ibrox board by Sports Direct, has joined King on the board of Rangers Retail and has called for a judicial review into the SFA’s decision to pass the South Africa-based businessman as a ‘fit and proper’ person.

Positions are becoming entrenched. This, in the tabloid sense of the word, is shaping up to be a war.

Will paying him back the £5million he is owed from a loan taken out in January pacify him? Don't bet on it.

Will he sit down with King and renegotiate the terms of Sports Direct’s merchandising deals with Rangers? Again, highly unlikely. Supporter-led protests appear to cut no ice with him whatsoever.

The SFA are already making noises about the money that fighting Ashley in court may cost. The same conversations will surely be going on inside Ibrox.

Ashley’s wealth, however, means he has no such concerns.

Business is business to this fellow. He is accustomed to getting what he wants. The fact some kind of personal issue appears to be developing with King just makes any possibility of a cordial solution more remote.

Neither side looks in any mood to back down. It looks like this one will have to be settled in the law courts.