text: The Rangers board have held their first meeting with Mike Ashley since assuming control at Ibrox. Interim chairman Paul Murray and director John Gilligan held talks with Ashley and other members of the Sports Direct hierarchy on Wednesday. While no details of the discussions have been disclosed, supporters will hope it may represent an initial step towards finding an amicable way forward with the billionaire owner of Newcastle United. Controversial Sports Direct and Newcastle United owner Mike Ashley has secured an 8.92 stake in Rangers . Murray, Gilligan and Dave King ousted Ashley allies Derek Llambias and Barry Leach from the Ibrox board at an EGM on March 6 and have since spent time studying all the club's existing contracts and commercial arrangements. Sports Direct loaned the previous Rangers regime £5million in January, receiving security over various assets – including club trademarks – in return. They also have the right, yet to be exercised, to appoint two directors to the board. That deal also saw Ashley's firm take a 75 per cent grip of the Rangers Retail subsidiary, increasing their stranglehold over merchandising income. The new Ibrox board last month revealed they would not be drawing down the second £5 million available from Sports Direct, instead accepting a £1.5 million loan from the Three Bears consortium for short-term financing while they formulate a longer-term funding plan. Ashley owns an 8.92 per cent stake in Rangers, with the SFA rejecting an approach to raise his current 10 per cent limit late last year. (Left to right:) Richard Gough, Paul Murray, Dave King and John Gilligan discuss the future of Rangers .
target: The new Rangers board have held their first meeting with Mike Ashley .
  Sports Direct and Newcastle United owner Ashley has 8.92 per cent stake in the club as well as control over a number of its assets .
  Ashley has the right to appoint two directors at Rangers .