Mike Ashley
Ashley has also called a general meeting at RangersGetty Images

Sports Direct founder Mike Ashley has called on the Rangers board to repay his £5m ($7.8m, €6.97m) loan in full and has requested a general meeting of the club's board members so that they can explain why it was delisted from the AIM stock exchange.

Ashley had a sudden change of heart regarding his Rangers venture when South African businessman Dave King teamed up with other Rangers shareholders to remove Derek Llambias and Derek Leach – the two directors that Sports Direct appointed – from the boardroom.

King will also be announced as the new chairman subject to approval from the Scottish FA.

Ashley has built up a 9% stake in the former SPL giants and in January the billionaire lent the club £10m. However, only £5m was made available at the time which Ashley is now looking to recover.

In exchange for the loan, the 50-year old – who is also chairman of English Premier League team Newcastle United – was given security regarding branding over the club's Murray Park training ground and registered trademarks and permission to appoint two directors to the board.