By Wayne Veysey

16th May, 2020 | 3:58pm

Contract signed: Rangers to soon announce club-record deal - Sources

Rangers are poised to soon announce a club-record kit and retail deal with sportswear brand Castore after finalising the paperwork.

The five-year agreement will replace the current Hummel and Elite deal as the Light Blues usher in a new era of more lucrative off-pitch deals.

Ibrox sources have told Football Insider that a contract has been signed with Castore and the plan is to announce the deal later this month.

A five-year package has been secured that will see the club around £20million, equivalent to £4m a season.

It narrows the commercial gap on bitter rivals Celtic, who announced in March they had agreed a Scottish-record five-year kit deal starting on 1 July with German sportswear giant adidas.

The Hoops’ deal is believed to be worth in excess of £30m, but Rangers’ new agreement is further proof of the club regaining its commercial might.

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They have taken an apparently drastic measure by ending their existing three-year agreement with Hummel and Elite, that began in 2018, a year early.

That will see Rangers pay early termination costs, but it frees them up to ultimately earn more cash and benefit from their growing status across Europe following their run to this season’s last-16 of the Europa League.

Rangers confirmed at the start of this month thata new kit and retail partner was on the cards.

This apparently ends the long-running stand-off with Sports Direct owner Mike Ashley that has left the Ibrox giants mired in a series of legal rows for seven years.

In other Rangers news, it can be REVEALED there has been a major twist as Celtic title plans have been foiled.