A RANGERS fans group has admitted it could fail in its bid to prevent Ibrox being used as a security in favour of Mike Ashley's Sports Direct in the short term despite claiming success in initial legal action.

It has emerged the Rangers Supporters Trust (RST), with the financial backing of the Rangers Fans Fighting Fund (RFFF), submitted a petition to the Court of Session in Edinburgh on Monday seeking an interim interdict to stop the Rangers board from granting security over Ibrox.

A subsequent £10 million loan from Sports Direct to prevent the Rangers business suffering an insolvency omitted any requirement to have a security over Ibrox - preferring instead to target the Murray Park training ground, Edmiston House, Albion Car Park, and the club's registered trademarks. Rangers Retail Limited (RRL), which he controls, has an exclusive licence to use the club's famous crests on merchandise.

The loan also gives Mr Ashley's Sports Direct the right to two representatives on the the board of the holding company Rangers International Football club plc. Chief executive David Llambias, a trusted lieutenant and Barry Leach, the chief executive of IBML, Sports Direct's licensing division, are already on the four-man board.

As well as that, Rangers will transfer 26 per cent of its holding in RRL - giving Mr Ashley's Sports Direct complete control, having already owned 49%. And for the duration of the loan being in place, any future shirt sponsorship proceeds will be for the benefit of RRL.

The Ashley loan is split into two tranches, with £5m immediately available to the club as working capital, although it will also be used to repay a £3m loan made by the Newcastle United owner last year. A second tranche will be used when required for working capital purposes and is subject to "due diligence" by Sports Direct.

The RST says the conclusion of discussions between their lawyers and the board's legal team meant the club agreed not to grant security over Ibrox for a period up until the February 17.

Rangers biggest single shareholder Dave King has called for an extraordinary general meeting in a bid to have the current four-man board of Mr Lambias, Mr Leach, David Somers and James Easdale, all Ashley allies, removed.

The board has until February 6 to respond to Mr King's proposal, with the meeting required to be held within a further 21 days after that.

The Trust said it was "disappointed" the block could not be extended.

It said that they as they were unable to secure an extension of a commitment over the Ibrox security until the date of the upcoming EGM, "this now leaves a short period of time in which the board could grant security over Ibrox before they are hopefully removed".

The RST added: "This is particularly concerning given the announcement yesterday that a further period of due diligence is required for the second £5m tranche of debt that the board has decided to saddle the club with."

The Trust said it believed their actions had a "material impact" in stopping the board from granting security over Ibrox.

RST said a revised deal with Sports Direct omitting Ibrox as a security was agreed late on Monday night, according to Paul Shackleton, the club's Alternative Investment Market (AIM) nominated financial adviser.

"We do not believe that the filing of a notice of intention to grant security over Ibrox was an error and we believe that a fixed security over Ibrox would most likely have been granted to Sports Direct had it not been challenged," said the RST.

"We would like to register our disappointment that it was necessary to take legal action to hold this board to their public promises to shareholders and fans."

The Trust said it was "pleased that the immediate danger posed to Ibrox has been averted", but expressed concern about the directors' actions.

It said: "By accepting this deal with Sports Direct, they have plunged our club into an unnecessary level of debt and, by pawning off further revenue streams including shirt sponsorship, have limited our ability to repay that debt.

"They have done this in their own interests and those of Mike Ashley. David Somers, Derek Llambias, James Easdale and Barry Leach have, in our opinion, neglected their duties to the PLC they are meant to represent."