Scotland: Rangers start legal proceedings against former Directors over Sports Direct deal
The club allege Charles Green, Imran Ahmad, Brian Stockbridge and Derek Llambias negotiated commercial deals with Sports Direct below market value.
They also believe Mr Ashley unfairly benefited from the alleged negligence.
The action came to light at the Court of Session where Mr Ashley's legal team succeeded in a bid to get Rangers to disclose documents to them.
Rangers allege that the former directors did not act in the business's best interests when they negotiated commercial deals with Sports Direct.
The deals which the club are objecting to include an October 2012 agreement in which the directors allowed Sports Direct to have the naming rights to Ibrox Stadium.
Rangers believe that the naming rights were given to Sports Direct at a price well below their true market value.
In November 2014, the club also entered into a Partnership Marketing Agreement with Sports Direct which allowed the business advertising space at Ibrox.
The club's current management believe that the deal was also arranged at a price well blow its true market value.
They also believe that Mr Ashley unfairly benefited from the alleged negligence displayed by Mr Green and his colleagues.
Rangers hope to recover a total of £4,106,470.83 from the action.
They also want a judge to declare the Partnership Marketing Agreement void.
The action is concerned with the alleged actions involving the club's former chief executive Charles Green, commercial director Imran Ahmad and its former finance director Brian Stockbridge.
The club is also concerned with the alleged conduct of Mr Green's replacement as chief executive, Derek Llambias.
The case will next call before the court in the near future.