THE Rangers board has sanctioned a general meeting called for by Mike Ashley to call in his £5 million loan to the club.

But the club's board has said it wants shareholders to support directors to ensure contractual arrangements between the club and Sports Direct are "renegotiated on a basis that is fair and reasonable for both parties and will delivery best value".

And it has indicated that it wants to reveal to shareholders the extent of the Newcastle United owner's hold over Rangers's merchandising.

The Rangers board also revealed moves that would shift Mike Ashley's influence out of Ibrox.

It said that to prevent any future dual ownership issues,  they are also considering adopting a Scottish FA disciplinary rule forbidding any person with influence at the club to be involved in any capacity with another club without their consent.   The board indicated that anyone breaching the rule would lose their shareholding voting rights.

Rangers International Football Club plc, the club's holding company, has confirmed that the meeting will be held at Ibrox on June 12.

Rangers Supporters Trust - which represents a host of fan shareholders - previously said Mr Ashley's demand for the meeting was an act of "petulance" that served "no practical point" as it widely believed he can demand his millions back at any time.

Mr Ashley's resolution for a general meeting under section 303 of the Companies Act 2006 calls for a shareholder vote calls for the repayment of his £5 million loan within 10 days.

Mr Ashley also wants to use the meeting to raise questions about the way would-be chairman Dave King and his fellow directors have operated since the South African businessman swept to power at Ibrox in March.

Documents relating to the terms of Mr Ashley's loan to Rangers International Football Club plc indicate that he can ask for it to repaid on demand and some insiders believe there is no need for a shareholder vote.

The move comes after Dave King, the soon-to-be chairman of Rangers said he hoped to get a commercial and retail set up at Ibrox the fans "can buy into" after he was cleared by the SFA as 'fit and proper' to be on the board.

And he indicated that he hoped concerns about the control Sports Direct owner Mike Ashley has over the club's retail operation was being sorted out.

The Rangers board, in agreeing to the meeting, say they will provide shareholders with a breakdown of the income received by Rangers Retail Limited since its incorporation and the payments made by RRL to the Club.

It was revealed in February that from January 27,that Ashley, who is also Newcastle United owner has been the "ultimate controlling party" of Rangers Retail, which handles the club's merchandising and stores

Papers confirmed the switch has been made from the previous controllers, RIFC plc.

The board also want to discuss the club fine of £5,500 by the Scottish Football Association judicial panel for breaching "dual ownership" rules relating to Newcastle owner Mike Ashley.

Ashley, who has a 9% stake in Rangers, was himself fined £7,500 in March for the same offence. A disciplinary tribunal deemed Ashley had influence in the Ibrox boardroom.

The board said it wants to "prevent a situation where further breaches of these rules could trigger severe sanctions on the club."