SPORTS Direct owner Mike Ashley has relaxed his grip over precious Rangers trademarks, it has been confirmed.

Securities held by the billionaire Sports Direct and Newcastle United owner over the club's trademarks have been released, according to Companies House.

A host of Rangers and club-related trademarks and logos including the famous RFC Scroll crest and the Ready logo were held by Mr Ashley and Sports Direct as security against a £5 million emergency loan, taken by the club at the start of last year.

The tycoon who has a near 9% share in Rangers, gave the Scottish Championship club the money to help them remain solvent - but it came with a string of conditions including securities over assets.

The Herald:

Sports Direct also now no longer have rights to the shares in Rangers Retail - which means the ultimate controlling party will revert back to The Rangers Football Club Ltd from Mike Ashley. And all Mike Ashley's rights to nominate directors to the Rangers board, which were not enforced, have also ceased.

The development came as Rangers won a Court of Session fight to stop a £300,000 arrestment of funds by WiFi firm 802 Works Ltd over its fears of a club insolvency.

It has emerged a 'satisfaction of a charge' document was delivered after Rangers paid off the loan which also gave Mr Ashley security over vital club assets including Murray Park training ground, Edmiston House and the Albion car park.

But now Companies House documents show that the security over all the assets, demanded to protect Sports Direct from any potential financial loss from any non-repayment of the loan, has now been removed through a series of 'satisfaction of charge' filings.

The Herald:

The Herald understands that paperwork to place the trademarks back in the hands of The Rangers Football Club Ltd, was lodged with the Intellectual Property Office nine days ago.

But the development does not stop Mr Ashley having rights to exploit the valuable trademarks.

Mr Ashley still has control over financial matters within Rangers Retail, which runs the club's entire retail operation, including the Rangers Megastore, and holds exclusive rights under licence to the club's famous crests and badges.

The Herald:

In January, last year, Sports Direct were given a further 26 percent of shares in Rangers Retail to add to the 49 percent which was already owned by the English businessman as a condition of the loan.

Now that Sports Direct does not have control of the shares, Mr Ashley would still have control because Rangers Retail rules state Sports Direct shares are more valuable.

Only Sports Direct has A shares in the operation and even with 49 per cent of Rangers Retail, they are twice as valuable when it comes to voting. That's because each A share receives two votes instead of just one on "Financial Matters".

The Herald:

In November it emerged Mr Ashley, joined the Rangers Retail board with club chairman Dave King.

The Rangers International Football Club plc board had previously said it was not in the club's interests to repay the loan.

Speaking at the club's AGM in November Mr King explained the decision to go back on a previous pledge not to return the money to Sports Direct, which was not repayable on demand and had no fixed repayment date.

In May, last year, Mr Ashley called for an extraordinary meeting to pay back his £5m, even though it is understood the sum was payable on demand. The motion failed to receive the necessary backing from shareholders.

Mr King and his fellow directors have been keen to renegotiate the terms of the retail and merchandise deals to secure more favourable terms for Rangers.

Latest accounts show that while Rangers Retail turnover quadrupled from £1.2 million in the year to April 2013 to £4.8m in the year to April 2014, profits only doubled from £434,312 to £877,662. That is because the costs associated with the sales soared by eight times that of the previous year from £546,656 to £4.2 million.

It is understood most of that money has gone to Sports Direct as Rangers Retail is buying Rangers merchandise, including replica kits, gifts, polo shirts and track suits from the Ashley-controlled firm for use in club outlets.

The Sports Direct group has sold nearly £4 million of goods for club outlets in the latest annual accounts.

It means that the sports firm headed by Mr Ashley has taken nearly £8 million in two years.

When Rangers Retail, a joint venture with Sports Direct, was confirmed by the club under then chief executive Charles Green in August 2012, it was promoted as enabling the club "to once again control its retail operation and give supporters the chance to buy direct from the club and in doing so, continue to invest in its future".

The Herald: How Rangers announced the Sports Direct dealHow Rangers announced the Sports Direct deal

How Rangers announced the Sports Direct deal

Mr Ashley has launched a series of legal moves against the board in recent months while supporters continue to boycott official shops and Sports Direct outlets in protest at his controversial relationship with the club.

FLASHBACK to May, 2015: New Rangers chairman Dave King insists the club are not at war with Mike Ashley - and says their troubles with the Newcastle chief are "just business". King even believes the Light Blues faithful should be "grateful" for the handouts the Sports Direct boss has given the club in recent months.