Rangers will get their intellectual property rights back from Sports Direct after they repay £5m loan.
A statement on the Rangers official website has explained that the club will regain the rights to their trademarks and badges once their loan has been repaid.
The rights are currently registered under the name of Sports Direct due to a deal passed by the previous board in January, and they will not be returned until the £5m loan is paid.
The deal saw Sports Direct take over security for all of Rangers’ assets including intellectual property, which included the club's badge, with Ibrox not included in the deal.
In the statement released by Rangers International Football Club they were clear that the issue – which was discovered on a Government Intellectual Property site last week – is not as serious as many first thought, and the club are already in the process of retaining the trademarks and badge rights.
“It has been widely reported that the trademarks, the iconic symbols of our Club, are now in the possession of Sports Direct,” the statement begins.
“Although the trademarks are registered in Sports Direct's name, the position is not as alarming as it may first appear.
“Let us all be absolutely clear on this matter. Rangers remain the rightful and legal owners of their trademarks and Interim Chairman Paul Murray has clarified this position with Sports Direct. In fact, both parties will come together within the next two weeks for talks.”
The statement finishes by assuring fans that Sports Direct fully accept that all intellectual property rights under their name will be returned to Rangers after the £5m is paid back, although a time frame hasn’t been put on this.
This is the latest in a string of incidents involving Mike Ashley at Rangers, the most notable of which has been the botched loan deal involving the five Newcastle players who were signed without medicals.
That deal also included a £500,000 fee payable to Newcastle United if Rangers gain promotion to the Scottish Premiership despite only Haris Vuckic playing a significant part in the season since joining.