Ahead of the vote chairman Dave King told shareholders that repaying the loan to Ashley, who owns an 8.9 per cent stake in Rangers through MASH Holdings, was not in the club's best interests.
King argued that even if the loan was repaid, the Newcastle United owner would still hold 49 per cent of Rangers' retail business. Despite the fact MASH Holdings called the meeting, neither Ashley nor any representatives on his behalf were present.
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Rangers' retail deal with Sports Direct, agreed by the previous board, has been a source of much consternation for fans who say it benefits Ashley at the expense of the club.
However, few further details on the club's relationship with Sports Direct were revealed after Ashley won a High Court injunction preventing the Rangers board from taking questions on retail contracts yesterday.
As well as voting on Ashley's resolution to repay the £5m loan, shareholders also voted on a resolution put forward by the board to renegotiate its relationship with Sports Direct and bring further transparency toretail operations which it says has suffered a "dramatic reduction in income".
The results of the vote will be revealed on the club's website on Monday morning.
Ashley also wanted answers as to why the club had de-listed from the Aim stock exchange. Rangers director Paul Murray said the club hopes to list on the ISDX market in the coming months, which the board said will be a cheaper process than listing on Aim.