THE Rangers board have sanctioned a general meeting showdown with Sports Direct supremo Mike Ashley and revealed moves to shift his influence at the club.

The club's board said the meeting, called by Mr Ashley to call in his £5 million loan to the club, will be held at Ibrox on June 12.

But the club's board has said it wants shareholders to support directors to ensure contractual arrangements between the club and Sports Direct are "renegotiated on a basis that is fair and reasonable for both parties and will delivery best value" to both parties.

It also said that to prevent any future dual ownership issues, they are also considering adopting a Scottish FA disciplinary rule forbidding any person with influence at the club to be involved in any capacity with another club without their consent.   The board indicated that anyone breaching the rule would lose their shareholding voting rights.

And it has indicated that it wants to reveal to shareholders at the meeting the extent of the Newcastle United owner's hold over Rangers's merchandising.

Rangers International Football Club plc, the club's holding company,  has confirmed that the meeting will be held at Ibrox on June 12.

Rangers Supporters Trust, which represents a host of fan shareholders previously said Mr Ashley's demand for the meeting was an act of "petulance" saying it served "no practical point" as it widely believed he can demand his millions back at any time.

Mr Ashley's resolution for a general meeting under section 303 of the Companies Act 2006 calls for a shareholder vote calls for the repayment of his £5 million loan within 10 days.

Mr Ashley also wants to use the meeting to 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.

Documents relating to the terms of Mr Ashley's loan to Rangers International Football Club plc indicate that he can ask for it to repaid on demand and some insiders believe there is no need for a shareholder vote.

The Rangers board, in agreeing to the meeting, say they will provide shareholders with a breakdown of the income received by Rangers Retail Limited since its incorporation and the payments made by RRL to the Club.

It says it will also advise shareholders on certain of the terms of the shareholders agreement relative to RRL and the effect these terms could have if valid and enforceable.

The Herald revealed in February that from January 27, the Ashley, who is also Newcastle United owner 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.

The board also want to discuss the club fine of £5,500 by  the Scottish Football Association judicial panel for breaching "dual ownership" rules relating to Newcastle owner Mike Ashley.

Ashley, who has a 9% stake in Rangers, was himself fined £7,500 in March for the same offence.  A disciplinary tribunal deemed Ashley had influence in the Ibrox boardroom.

The board said it wants to "prevent a situation where further breaches of these rules could trigger severe sanctions on the club."

The board said that Mr Ashley's MASH Holdings Limited through its solicitors had written to RIFC advising that they are subject to "various confidentiality agreements" and that RRL shareholders' agreement and related agreements contain confidentiality provisions, which MASH Holdings Limited seek to enforce.

An RIFC board statement said: "The directors note that the meeting will have to be mindful of these confidentiality provisions

and of the confidentiality provisions agreed between the company and prospective nominated advisers and required by AIM."

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 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 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 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.