RANGERS have announced a new retail deal with Mike Ashley’s Sports Direct.
The club have negotiated a deal with the company to rip up the current seven year deal and replace it with a new one year contract.
The previous agreement saw the Ibrox club earn just seven pence from every £1 of goods sold.
But the renegotiated arrangement will see the bulk of the money go to the club, allowing fans to buy strips again.
A Rangers statement said: “The new arrangements represent a fresh start for the Rangers Megastore, the relaunch of the Rangers Webstore and the sale of Rangers kit and products throughout Sports Direct’s (SD) stores.
“The financial arrangements between the parties are transformed. The Rangers Football Club Ltd. (TRFC) will now receive by far the majority of net profits from the retail operations at the Megastore and Webstore together with an equal share of all net profits from sales through SD.”
The club admitted that the negotiations had been ‘protracted and have not been smooth’ but added that Sports Direct’s ‘willingness to restructure the relationship reflects confidence in the way the Club is now being managed.’
The previous contract had been negotiated when Charles Green was in control of the club.
Many fans had boycotted the club’s merchandise as a result.
The statement added: “The new deal will deliver real value for TRFC and SD. Supporters now have certainty that any money they spend on Rangers products will be hugely beneficial for the Club.
“SD will benefit from the increased sales and from the opportunity of demonstrating the part its retail skills can play in building and commercialising the Rangers brand which was always SD’s intention.”
Dave King right now on restructuring the SD agreement pic.twitter.com/RsiLXeBj8L
— Willie Vass (@WillieVass) June 21, 2017
The announcement brings an end to a long running legal battle between the club and Ashley.
The statement concluded: “Both parties are delighted to achieve a successful resolution to the issues that have previously marred the relationship between them and bring an end to the protracted and costly litigation.
“TRFC and SD hope that the new arrangements will be long standing but there is no longer a fixed commitment on that front. We will rely on our combined commercial performance and drive to cement the relationship going forward.
“Rangers has traditionally been one of the best performing brands in British football and the Club believes the new arrangements can restore it to that position, providing funds to invest in the team and facilities at Ibrox and Auchenhowie.”