Ashley now has a majority influence over the company as his allies outnumber Dave King and director Paul Murray by three to two at boardroom level.
Rangers Retail owns the club’s crests and merchandising and has long been a source of controversy relating to Ashley’s involvement in Rangers.
The Sports Direct tycoon was handed 26 per cent of Rangers Retail shares in January to go along with the 49 per cent he already held. This deal was put in place when Ashley gave Rangers a £5million emergency loan last year.
Even if King and Rangers were able to pay back the loan - which seems unlikely after the club’s annual accounts were revealed on Wednesday - Ashley would still remain in control of the retail division.
It emerged earlier this week that Ashley wants King to be jailed for revealing details of Sports Direct contracts with Rangers, which are private under the conditions of an injunction.
Ashley alleges that King breached the injunction during an interview with Jim White of Sky Sports during the summer.