plc and gained security over many of the club's precious trademarks.

Sports Direct also has security over Murray Park training ground, Edmiston House and Albion Car Park as a result of the loan.

The deal also gave Sports Direct the right to two representatives on the the board of the holding company Rangers International Football club plc. Llambias, a trusted lieutenant and Barry Leach, the chief executive of IBML, Sports Direct's licensing division has been seen as Ashley representatives until they were removed.

Phoenix Suns basketball team owner Robert Sarver also had a £20 million takeover offer turned down in January.

The directors have begun a forensic investigation into the club's accounts for evidence of what exactly has been going on since Craig Whyte paid £1 to Sir David Murray for thebusiness in May 2011 and led it into eventual liquidation.

New Rangers director Park has said there is an attempt to uncover the reasons why the club has spent £70m over the past four years.

Fans have previously raised concerns that Mr Easdale, who owns McGill's bus company, had influence over 26 per cent of the shareholding and the voting rights at Ibrox. This was reduced before the EGM to around 20%. It is understood he abstained during the EGM.

Mr Easdale's voting rights together with Newcastle owner Mike Ashley would give them power of veto over crucial decisions facing Rangers.

Sandy Easdale, who is chairman of the operating company, had remained in position after his brother and business partner James resigned the plc board and all subsidiaries nearly two weeks ago.

James