RANGERS chief executive Charles Green yesterday revealed his hopes of bringing between £5 million and £10m a year into the club through a proposed merchandising joint venture with billionaire Mike Ashley's Sports Direct retail chain.

And engineering entrepreneur Jim McColl, who with former Rangers manager Walter Smith was part of a rival consortium aiming to buy Rangers, last night told The Herald of his respect for Mr Green's achievements and paid tribute to his former rival's "tenacity". Mr McColl had, in June, asked Mr Green to walk away from the club.

The Herald revealed on Wednesday Mr Ashley was in advanced talks with Mr Green about buying a stake of up to 10% in Rangers and forming a joint venture to sell its replica kit through his Sports Direct stores.

Mr Green confirmed the talks with Newcastle United owner Mr Ashley yesterday.

He also claimed Rangers could end up with three billionaire investors, but said it would be too premature to reveal the identities of the other two because he was still in talks with them.

Mr Green's target of bringing £5m to £10m a year into Rangers by harnessing the might of Sports Direct, which has a stock market worth of about £1.7 billion, underlines the joint-venture nature of the merchandising agreement he is trying to conclude with Mr Ashley.

This would be a very different deal from that lined up by Rangers with JJB Sports in 2006, under Sir David Murray's ownership.

That deal gave JJB Sports the rights to sell Rangers merchandise. In return, JJB paid Rangers an initial £18m, and £3m a year over the 10-year contract.

Sources have indicated a belief this deal with JJB would have lapsed with Rangers' collapse into liquidation.

Mr Green led a consortium which purchased the club's assets from liquidation for £5.5m in June.

JJB Sports has confirmed it has a merchandising agreement with the new owners of Rangers, but has declined to elaborate on the terms.

Mr Green said: "I don't think Mike needs to throw [money at Rangers] and that is not the model that I think is sustainable for any football club.

"What Mike will do, subject to all the agreements going through, is bring the might of Sports Direct and that in itself, in my mind, will bring between £5m and £10m a year from merchandising revenues back into the club.

"That is far, far more worthwhile than Mike individually signing a cheque. It is about sustainability. It is about continuing revenues. It is about developing the brand and doing it worldwide."

Asked by The Herald if he had had any talks with Mr Green about buying a stake in Rangers, Mr McColl, one of Scotland's richest men, replied: "I am not one of the guys there just now."

However, declaring he was watching with interest, Mr McColl added: "I think it is a great opportunity for Rangers to build on their youth programme, and I think we will come out of it stronger.

"I have got to take my hat off to Green. He has been quite tenacious and he has managed to get it where it can now be built on. The fans have really got to get behind what he is doing there just now."