Newcastle owner Mike Ashley bought the naming rights to Ibrox for £1 two years ago, according to Rangers director Sandy Easdale yesterday.

Former club chief executive Charles Green said back in 2013 that he might sell the naming rights to Ashley six weeks before he left the club but no deal was announced.

But it has emerged that he then spent £250,000 in legal fees in an attempt to get the contract ripped up.

Ashley, who is listed on the Rangers plc website owning 4.56 per cent of shares, has the rights to change the name of the stadium whenever he feels like it but has yet to do so.

Back in 2011, the Newcastle owner changed the name of St James’s Park to the Sports Direct Arena but was forced to change it back after a fans’  backlash against the decision.

Easdale said on the current situation: “Let’s clear this up, the Sports Direct Arena. Charles Green had already done a deal with Mike on that. Sports Direct haven’t taken it up as yet. Mike Ashley could call it the Sports Direct Arena tomorrow.”

Ashley has been asked to back a £4 million share issue that was announced last week but his ownership of Newcastle is creating a problem.

And Easdale believes his extra involvement would be beneficial to the club as they bid to stave off a cash crisis.

Easdale said: “I’m pro-Mike-Ashley to the extent he is probably the guy who can help us at this moment in time.

“His plan was to increase his shareholding but he’s come across a stumbling block with the SFA. It’s up to him now to sort that out. But if he was allowed to increase his shareholding then who wouldn’t want a billionaire investing in their club?”

Bus firm owner Easdale said he was not opposed to working with former oldco Rangers director Dave King, who claims to be willing to invest £30m in the club under the right conditions, but claimed that the South Africa-based businessman had never made them an offer.