TYCOON Mike Ashley has warned Rangers that his company Sports Direct is "not a bank" as he moved on the offensive in his move for a general meeting showdown to call in his £5 million loan to the club.

Mr Ashley, the Newcastle United owner called the meeting set for Friday to also 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.

But the Rangers International Football Club plc board countered the call by indicating it wants to reveal to shareholders at the meeting the extent of Mr Ashley's hold over Rangers's merchandising - with fans boycotting official gear because they do not think the club is getting a good enough deal.

But Mr Ashley's Mash firm has refuted the claim that the Rangers Retail joint venture agreed with previous club supremo Charles Green was bad for the club.

In a statement Mash pointed out that Rangers chose to partner with Sports Direct "the most successful sports retailer in the UK market"... with "proven retail prowess, significant buying power and a far reaching distribution network".

Mash added: "RFC benefits not only from goods and merchandise sold in the Ibrox Megastore and online, but also from sales of Rangers goods and merchandise sold in Sports Direct retail stores and on the Sports Direct website.

"Sports Direct remains of the view that profits can be increased at Rangers Retail through more focused budgeting and ordering of products and that the historic profitability of Rangers Retail has been badly affected by the over ordering of products in the past and the opening of additional retail stores outside of the Ibrox Stadium.

"In Sports Direct's experience, the ordering of products should reflect the football league in which RFC operates and standalone stores outside of the main stadium are rarely profitable.

"It should not be forgotten that at the end of the day, Sports Direct is not a bank, it is a supportive business partner and it entered into £10 million loan facility with RFC on the basis of providing much needed financial support at the relevant time."

Mash said the £5 million loan was set up to "bolster the joint venture relationship" but was always drawn on the basis as far as Sports Direct was concerned of being a "short term loan facility that RFC would be incentivised to repay..."

Mash went on to question why RIFC was no longer traded on the Aim stock market and what steps the directors took to preserve its status. RIFC was delisted at the beginning of April after failing to get a Nominated Adviser (Nomad) to oversee their admission.

"The consequence of what happened is that Rangers Plc no longer has a public listing, nor is it subject to the AIM regulatory rules which is all the more important in circumstances where the new chairman of the New Board has, as is a matter of public record, been prosecuted for and admitted liability in respect of various criminal offences in South Africa, resulting in the payment then of approximately £44 million to cover liabilities and fines in South Africa," Mash said.

The Herald revealed in February that from January 27, Ashley 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.

Accounts reveal 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 of the sales soared by eight times that of the previous year from £546,656 to £4.2m.

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.

Sports Direct confirmed to the Herald that Rangers Retail has provided over £3.8m to Sports Direct in the year through such sales.

Mr Ashley's has control over retail and trademarks comes as a by-product of his £5 million emergency loan to Rangers.

At the end of last year Rangers Supporters Trust launched an alternative shirt for fans as they took on Mr Ashley in the war over Rangers retail - and said all profits would be ploughed back into an increased shareholding in their club.

When the Rangers Retail joint venture was confirmed by the club under then chief executive Charles Green in August 2012, it was promoted as enabling Rangers "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".

Rangers Retail runs the club's entire retail operation, including the Rangers Megastore, and hold the rights under licence to the club's famous crests.

The club declined to comment