RANGERS fans have written to stock market bosses urging them to investigate Mike Ashley's Ibrox power grab.

The Rangers Supporters Trust has also raised a number of concerns about the current board's handling of the League One champions, accusing them of a operating with a "reckless and irresponsible attitude to going concern status".

Newcastle United owner Ashley holds just under nine per cent of the cash-strapped Glasgow giants but has been effectively pulling the strings since the club was forced to accept his offer of a £2million loan.

The terms of that crisis credit line allows the Sports Direct billionaire to name two directors to the Ibrox board. Former Magpies managing director Derek Llambias was Ashley's first pick with the second yet to be revealed.

Ashley also runs Rangers' retail division - a deal which hands him 49 per cent of the club's shirt sale profits - and owns the naming rights to the stadium following an agreement he struck with former chief executive Charles Green for just £1.

But he is prevented from owning more than 10 per cent of the club while he remains in charge at St James' Park after signing a pact with the Scottish Football Association aimed at limiting his influence at Ibrox.

Hampden bosses have already written to both Rangers and Ashley seeking "clarification" on the 50-year-old Londoner's involvement.

But now the RST wants regulators from the AIM Market - a sub market of the London Stock Exchange - to investigate.

Their letter said: "We write as a shareholder to express our deep concern over the stewardship of Rangers International Football Club plc, and ask that you carry out an investigation into the current and previous board of directors to determine if their actions favour one particular related party, namely Mr Mike Ashley and his company, Sports Direct.

"We are aware that Mr Ashley, a shareholder in RIFC, has been awarded the naming rights to Rangers' stadium for £1. This appears to be uncompetitive and may enable Mr Ashley's company to profit at the expense of RIFC.

"We are also aware that Mr Ashley controls the retail operations of RIFC via Sports Direct, reducing potential revenue streams to the severe detriment of the company, and to the possible benefit of Sports Direct. We are unaware of any competitive tenders being sought by the directors of RIFC.

"More recently, Mr Ashley has provided a short term loan to RIFC in return for which he has been allowed to place two of his representatives on the board of the company. We are aware that an alternative offer of a larger loan on similar terms was made to the company, but the board chose to accept the smaller loan from Mr Ashley

"Mr Ashley owns a controlling interest in another football club, Newcastle United FC, and ownership of more than one football club is not permitted by football authorities.

"We believe in placing two of his representatives on the board of RIFC, Mr Ashley is clearly influencing operations which may violate his agreement with the SFA. This could put the football club at risk of sanctions.

"Potential sanctions from the governing body could range from financial penalties to suspension of membership.

"We believe this is an unacceptable risk to the business, particularly when an alternative offer of short term funding was available. This risk appears to have been taken in order to further the interests of one related party.

"Finally, there does not appear to have been any disclosure of commercial income by the board, and previous statements by the board to the effect that the company has sufficient funds have been false.

"The Rangers Supporters' Trust represents over 2000 members with a group shareholding in RIFC, and we believe our interests, as well as those of thousands of other shareholders, may be being overlooked in favour of one particular shareholder/related party

"This is to the detriment of the commercial performance of the company in favour of another company owned by Mr Ashley, and we believe that if this is the case, it is in direct contravention of AIM rules and the Companies Act,

"As such, we ask that you carry out a full investigation with some urgency in order to determine if the board are putting the interests of one related party ahead of those of the company and its many thousands of other shareholders."