The latest stunning news to hit Rangers, has seen the new board discover that a secret deal is believed to have been done in the final days of Derek Llambias and Barry Leach’s time at the club, which saw all the Ibrox club’s emblems and crest pass into the ownership of of Mike Ashley and Sports Direct.

The government run Intellectual Property Office’s website shows is now the registered owner of all of the Ibrox club’s emblems including the RFC crest and the ‘Ready’ motto.

The digital documents confirmed that the final transfer from Rangers Football Club Ltd to Retail Ltd was fully assigned on March 25, which was less than three weeks after Ashley’s allies and ex-employees, Llambias and Barry Leach, were booted out of power.

The Rangers board have announced an immediate investigation and they released this statement today:

“The board is currently conducting a review of all contractual documentation but this particular issue has become a matter of urgency.”

Last October it first came to light that Mike Ashley had attempted to get his hands on the historic crests in return for an emergency loan.

However, this plan was blocked by former chief executive Graham Wallace and ex-director Philip Nash, the pair of them then booted out of the boardroom a month later after Ashley demanded their heads.

The Daily Record say that the current regime suspect Derek Llambias may have played a key role in making sure Ashley got what he wanted, just days before they were kicked out at an EGM on March 6.

The Daily Record also report a source close to the Rangers regime saying:

“We are looking at the timing of this transfer and from what we can see already, it looks really odd.

“It’s fair to say the board has already come across a number of strange things as they review all of the paper work they’ve inherited.”

The badges/crests could bring in millions of pounds in merchandising and Mike Ashley could earn even more by charging the club a fortune for their continued use on all official kit.

With every day that goes by, both Rangers and Newcastle fans find out just what they are up against when dealing with Mike Ashley, the latest backlash on Tyneside seeing a boycott planned for the Spurs match a week on Sunday.