THE Rangers board has launched a probe following revelations Mike Ashley owns all the rights to the club's trademarks.
The famous badges, including the 'Ready' and 'scroll' crests, are understood to be owned by the Sports Direct Tycoon along with all the Light Blue's intellectual property.
This even includes the club mascot Broxi Bear.
Documents on social media are understood to have revealed the details, stunning the recently installed regime.
The Ibrox board have now launched an investigation "as a matter of urgency".
A Rangers spokesman said: "The board are currently reviewing all contractual documents but this issue will be looked upon as a matter of urgency."
Shane Nicholson, editor of Rangers site TheCoplandRoad.org, has been keeping tabs on the issue since last autumn and said he was "not shocked" by the investigation.
Mr Nicholson said: "It's something we've been investigating for quite a while but were ultimately unable to get any concrete answer out of the board during the old regime.
"It was obviously in their best interests to stonewall any fans doing any real digging.
"I've been checking the registry consistently since [autumn], at least once a month. and now suddenly every mark affiliated with RFC ltd is owned by Sports Direct."
He also claimed the trademark ownership was a "stitch-up" and said: "The only thing that's brought it to the forefront now is that in order to protect Ashley and Sports Direct's unwarranted position over our merchandising income the previous board had to give SD firm control over the brand marks before their exit at the EGM."
Mr Nicolson welcomed the board's immediate reaction to the revelations, adding: "I'm confident in their ability to navigate toward a positive outcome for Rangers via whatever means necessary."
Mike Ashley, the Newcastle United owner and Rangers' second largest shareholder, already controls 75 per cent of the club's retail division as part of a deal struck with the old board when he provided them with an extra £10 million of crisis cash in January.
The revelation comes days after a Court of Session judgement cleared the way for Dave King to become an Ibrox director following his landslide victory at the Rangers EGM in March.
The businessman, who was a director under the Rangers oldco and has a string of tax convictions in South Africa, must now pass the SFA's fit and proper person test.
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