Paul Murray admits the new Rangers regime is still waiting to see whether Mike Ashley will send two of his men onto the board . The Ibrox interim chairman confirmed the terms of the initial £5million loan taken from Sports Direct by the previous hierarchy means Ashley retains the right to appoint directors . Murray insists Rangers now have no need for any further money from the Newcastle United owner , having this week instead secured a £1.5m loan from the Three Bears consortium to cover short-term needs . Newcastle owner Mike Ashley holds an eight per cent stake in Rangers and loaned the club £5m . However , he hopes to have talks with Ashley once a wider review of existing commercial deals with Sports Direct – who own 75 per cent of the club ’ s retail subsidiary – is complete . ‘ We ’ ve had no discussions with Mike Ashley or Sports Direct so far but , as we have said before , we are happy to engage with them and feel we should do , ’ Murray told Rangers TV . ‘ They are an eight per cent shareholder and have financial arrangements with the club . We need to have that conversation pretty soon , but as yet we ’ ve had no discussions with them . ‘ Mike Ashley does have the right to nominate two board members . It would be to the main public company , the International Football Club , and he has got rights under the first £5m loan to do that . ‘ He ’ s showed no intention of doing it so far but he has the right to do it if he wants to - and we ’ d have to address that if and when he chooses to do that . Interim chairman Paul Murray ( left ) will have discussions with Ashley about his involvement at Ibrox . ‘ I think , as Dave King was saying , one of the big information-gathering exercises was to look at the whole relationship between Sports Direct and the club . ‘ There are a lot of relationships and there is a lot of documentation to go with those and we have spent the last three weeks looking at all of that . ‘ We haven ’ t finished that review yet . I think once we have done that we will sit down , hopefully with Sports Direct and Mike Ashley , and try and agree a way forward. ’ King has held off from becoming a director but intends to step into the chairman ’ s role providing he passes the SFA ’ s 'fit and proper ’ person test . ‘ The processes regarding both mine and Dave ’ s fit and proper persons test are pretty advanced , ’ added Murray . Prospective chairman Dave King ( right ) has to pass the SFA ’ s ‘ fit and proper ’ person test . ‘ We have said , and we will honour the fact , that we want to rebuild the relationship with all the governing bodies and we have to respect their processes and procedures. ’ Murray also insisted he wants to help build a ‘ modern Rangers upon traditional foundations ’ . He said : ‘ People have spoken about having Rangers men on the board and getting back to a Rangers way of doing things but I think we also need to be a bit more forward-thinking . ‘ I am looking a lot at this moment at the structure of various clubs and trying to get a sense of what would work at Rangers because there are different structures around Europe and even in Britain . ‘ For example , the structure at Barcelona might not be appropriate for the structure at Rangers and we need to look at that kind of thing . ’
Rangers took a £5million loan from Sports Direct to help cover costs . As part of agreement Paul Murray can name two board members at Ibrox . Rangers took £1.5m loan from Three Bears consortium earlier this week . Interim chairman Mike Ashley will have discussions with Ashley .