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Shameless Mike Ashley was handed a decade-long lease on Rangers’ megastore for £1 a year – days before Dave King took control of the club.

The Daily Record has uncovered documents which reveal details of the incredible agreement which will cost

the Ibrox club hundreds of ­thousands of pounds in lost revenue until it expires in 2025.

Rangers stand to earn just £10 in rent money until the lease runs out and it’s understood this secret cut-price arrangement is a major part of the bitter ongoing legal dispute between King’s Rangers regime and Ashley’s Sports Direct.

In part four of a lease agreement titled “Rent”, it states: “The tenant ­undertakes to pay the ­landlord if asked only, the annual rent of ONE POUND (£1) together with all the VAT chargeable thereon.”

The deal was one of the final acts of then chairman David Somers, who signed off on the deeds as landlord and tenant of the official ­megastore, then quit his position days after they were rubber-stamped.

Somers represented both Rangers Football Club and Rangers Retail when he signed the paperwork on January 27, 2015, in what appears to have been a “scorched earth” policy carried out during the last days of the old regime.

The papers were not ­officially processed and registered until February 25, the day Ashley struck a controversial agreement to give the club an emergency £10million loan.

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Somers resigned from his position the following week, before King and his backers overthrew the remnants of the old board at an AGM on March 6. King and Ashley have been locking horns ever since.

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The Record revealed Ashley struck a secret deal to buy the naming rights to Ibrox from ex-chief executive Charles Green for £1.

He waived the rights but tightened Sports Direct’s grip on the club’s retail wing by demanding a seven-year notice period be written into the terms of the Rangers Retail venture.

King has been ­challenging Ashley’s contracts with the club.

This time last year, he was threatened with a jail sentence over Christmas for breaking a gagging order which was agreed between Sports Direct, Somers and another former director Sandy Easdale.

Since the joint venture was launched by Ashley and Green in 2012, Rangers have banked about £100,000 a year from sales of strips and ­merchandise – losing out on about £20million worth of ­potential profit.

The feud is set to explode into the courts again after Ashley ignored a legal bid by King and the Rangers board to force him to stop selling this year’s kit in the Ibrox store.

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Earlier this year, Rangers launched a £4million claim against Ashley and several former club directors, which they contest.

They allege that Green, Imran Ahmad, Brian ­Stockbridge and Derek Llambias ­negotiated commercial deals with Sports Direct at below the market value.

They also believe Ashley unfairly benefited from the alleged negligence.