Rangers has said it will comply with a court's order to hand over a payout to Mike Ashley's Sports Direct which could run to millions of pounds.

The Glasgow club said it is "disappointed" to have suffered another defeat in its long-running dispute over merchandise, but that it would meet any financial award made by the court.

Judge Lionel Persey QC has ruled that Sports Direct hould have been given the chance to match a shirt deal struck with Elite/Hummel.

Rangers terminated a merchandise agreement with Sports Direct last year, but the firm should have been given the chance to compete with new offers.

READ MORE: Rangers lose latest round of merchandise fight with Mike Ashley

As part of the judgement, there was stinging criticism aimed at Rangers secretary James Blair who was accused of being "unconvincing" in his evidence and "untruthful" in his dealings at the time.

HeraldScotland:

The dispute centres on strips and merchandising

Rangers released a statement where it sought to downplay the potential damage, saying:" Rangers was disappointed by the terms of the recent court Judgment but respects the decision of the court and will meet any financial award made by the court.

"No such award has yet been decided and at this stage Rangers does not even know how much will be sought.

"Contrary to some reports, the Judge has not determined that the contractual cap on damages will not apply.

"Rangers would also like to reassure supporters that no steps have been taken to stop supporters being able to buy this Season’s Replica Kits."

READ MORE: Rangers challenge after losing latest round of court fight with Mike Ashley

Sports Direct has now been granted an injunction to the latest deal - an injunction that Rangers argued would see them lose significant revenue, be open to legal action from Elite and even impair its ability to function as a football club.

Mike Ashley, who was a former Rangers shareholder, struck a deal with a previous board that saw his company take in around 93p from every £1 made from the sale of strips and merchandise.

That deal led to some fans boycotting Sports Direct stores and their sale of Rangers kit.

The amount of money now due to Sports Direct is still to be determined but Rangers are understood to be appealing against the latest ruling.