An influential Rangers fans' group have demanded an investigation into the Ibrox board.
Fans' chiefs at the Rangers Supporters Trust have complained to financial regulators about Mike Ashley and asked them to launch a probe.
The complaint follows the board's rejection of a £16million investment offer in favour of a £2m emergency loan from Sports Direct tycoon Mike Ashley.
In a letter to the London Stock Exchange, the supporters group expresses concerns about the board's "failing to treat shareholders equally".
The letter also asks authorities to investigate the lack of disclosure of commercial income by the board.
It reads: "We write as a shareholder to express our deep concern over the stewardship of Rangers International Football Club plc.
"And ask that you carry out an investigation into the current and previous board of directors to determine if their actions favour one particular related party, namely Mr Mike Ashley and his company, Sports Direct.
"Mr Ashley owns a controlling interest in another football club, Newcastle United FC, and ownership of more than one football club is not permitted by football authorities.
Under the terms agreed with the Scottish Football Association, Mr Ashley was initially permitted to be involved with Rangers if his shareholding did not exceed 10%, and that he did not exert any influence at board level.
"We believe in placing two of his representatives on the board of RIFC, Mr Ashley is clearly influencing operations which may violate his agreement with the SFA.
"This could put the football club at risk of sanctions.
"Indeed, we understand that the SFA has written to Rangers and Mr Ashley for clarification.
"Potential sanctions from the governing body could range from financial penalties to suspension of membership.
"We believe this is an unacceptable risk to the business, particularly when an alternative offer of short term funding was available.
"This risk appears to have been taken in order to further the interests of one related party."
Rangers announced the appointment of Derek Llambias as a non-executive director earlier this month.
The 57-year-old former Newcastle United managing director arrived in Glasgow last week after the Ibrox board accepted Ashley's £2m loan.
Llambias, who was Ashley's right-hand man at Newcastle United, has since been acting as a consultant to the Rangers board.
The letter adds: "The Rangers Supporters' Trust represents over 2000 members with a group shareholding in RIFC.
"And we believe our interests, as well as those of thousands of other shareholders, may be being overlooked in favour of one particular shareholder/related party."
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