More than half of Rangers' shareholders have voted against paying back Mike Ashley's £5m immediately.
The Sports Direct founder and owner of Newcastle called a meeting at Ibrox on Friday – which he did not attend personally - seeking repayment of the loan as well as an explanation for why the club had delisted from Aim.
But Rangers board got the support it called for, having asked shareholders to reject Ashley's resolution, instead proposing to renegotiate its retail agreements with the business tycoon.
Of the 78 per cent of shareholders who voted, 53.6 per cent went against Ashley, while 62.5 per cent voted in favour of the board's resolution.
That resolution stipulated that the contractual agreements were "renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the club and Sports Direct".
"The shareholders agree that these negotiations need to address the whole relationship between the club and Sports Direct in order to achieve that goal," it added.
Ahead of the vote chairman Dave King had told shareholders that repaying the loan was not in the club's best interests
Ashley owns nine per cent of the Scotttish club - making him the second largest single shareholder - but owns 75 per cent of the club's retail operations through Sports Direct.
This will be adjusted down to 49 per cent on repayment of the loan, which Ashley had said was the best way for the club to restore some of its retail income.