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RANGERS have launched an investigation after it emerged Mike Ashley now owns the club’s famous badges.

The recently installed regime was shocked after documents appeared on social media sites which appear to show that Ashley’s Sports Direct retail empire has taken control of all the club’s intellectual property - including club mascot Broxi Bear.

And interim chairman Paul Murray has demanded an immediate probe to discover how Ashley finally ended up with the club’s crown jewels.

In a statement a club spokesman confirmed to Record Sport: “The board is currently conducting a review of all contractual documentation but this particular issue has become a matter of urgency.”

On October 9 last year the Daily Record first revealed how the Newcastle United owner had brazenly attempted to get his hands on the historic crests in return for an emergency loan.

(Image: SNS/Craig Williamson)

His plan was blocked by former chief executive Graham Wallace and ex-director Philip Nash - who were then booted out of the boardroom a month later after Ashley demanded their heads.

Now the current regime suspect Wallace’s replacement, former Newcastle CEO Derek Llambias, may have played a key role in making sure Ashley got what he wanted just days before the old board was routed by shareholders at an EGM on March 6.

A source close to the Rangers regime said: “We are looking at the timing of this transfer and from what we can see already, it looks really odd.

“It’s fair to say the board has already come across a number of strange things as they review all of the paper work they’ve inherited.”

Business experts believe control of the famous badges could bring in millions of pounds in merchandising and Ashley could rake in even more by charging the club a fortune for their continued use on all official kit.

The news has stunned Murray and his new board who were completely unaware of Ashley’s grab until details of the transfer appeared on-line earlier this afternoon.

The government run Intellectual Property Office’s website shows that Sportsdirect.com is now the registered owner of all of the Ibrox club’s traditional emblems including the ‘Ready’ motto and the RFC crest.

The digital documents also confirm that transfer from Rangers Football Club Ltd to Sportsdirect.com Retail Ltd was fully assigned on March 25 - less than three weeks after Llambias and Barry Leach, a former Sports Direct boss, were booted out of power.

Ashley 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 more crisis cash in January.

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