Dave King revealed Rangers shareholders had provided funding for this summer's transfers

Rangers have announced a new commercial deal with Sports Direct, which replaces the arrangement they had in place with Mike Ashley's company.

The club say the agreement is "on terms substantially different from the terminated agreements".

"Supporters now have certainty that any money they spend on Rangers products will be hugely beneficial for the club," Rangers said on their website. external-link

"The new deal will deliver real value for [Rangers] and SD."

The Ibrox club will now deal directly with the sports retailer, replacing the previous arrangement which was a joint venture between the club, a company called Rangers Retail Limited (RRL) and Sports Direct.

"The negotiations between the parties have been protracted and have not been smooth," the Rangers statement added.

"For obvious reasons it is not the practice for the details of commercial arrangements to be made public. However, in view of the publicity surrounding the previous agreements and the resultant boycott by supporters of kit purchases we consider it appropriate to give supporters some insight into the new arrangements.

Rangers will continue to play in the home kit they were seen in last season

"The new arrangements represent a fresh start for the Rangers Megastore, the re-launch of the Rangers Webstore and the sale of Rangers kit and products throughout SD's stores.

"[Rangers] will now receive by far the majority of net profits from the retail operations at the Megastore and Webstore together with an equal share of all net profits from sales through SD. [Rangers] will also obtain a priority dividend on the winding up of RRL.

"Both parties are delighted to achieve a successful resolution to the issues that have previously marred the relationship between them and bring an end to the protracted and costly litigation.

"Rangers has traditionally been one of the best performing brands in British football and the club believes the new arrangements can restore it to that position, providing funds to invest in the team and facilities at Ibrox and Auchenhowie."

Rangers chairman Dave King also revealed he and other shareholders - including Douglas Park, George Letham and George Taylor - have provided additional funding to the club in recent weeks in the form of interest-free loans.

King said the funding of this summer's transfer activity, with six players arriving so far and the signings of two Mexican internationals - Carlos Pena and Eduardo Herrera - expected to be confirmed soon, did not take into account the possibility of the retail deal being revised.

The chairman added the club has not received any notification of legal action being started by former manager Mark Warburton over his departure last season, and that the club did not expect there to be any.