Mike Ashley was given a ten-year lease on Rangers’ megastore for just £10, according to the Daily Record.
The Scottish red top unearthed documents which will cost Rangers hundreds of thousands of pounds over the next nine years, having been granted the lease in early 2015.
The deal was signed off on by former chairman David Somers, who made the agreement a matter of days before King seized control following an emergency general meeting.
It enables Ashley to rent the megastore for only £1 per year plus VAT. It is understood this latest revelation is at the centre of the ongoing legal battles between Ashley and King.
On the lease agreement, it reads: “The tenant undertakes to pay the landlord if asked only, the annual rent of ONE POUND (£1) together with all the VAT chargeable thereon.”