The admission came from club director, Sandy Easdale, who said that former chief executive Charles Green did the deal 2 years ago.
In the interview, Easdale wouldn’t be drawn on how much the contract was worth, but The Daily Record claimed that it was for £1, with almost quarter of a million pounds then spent on trying to get it torn up.
“Let’s clear this up, the Sports Direct Arena. Charles Green had already done a deal with Mike on that. Sports Direct haven’t taken it up as yet. Mike Ashley could call it the Sports Direct Arena tomorrow,” Easdale stated.
Ashley, who owns Newcastle United, hold a 4.56% share in Rangers and has been asked to back a £4m share issue. However, that would cause complications with UEFA, due to dual club ownership rules.