Its real simple but were in a debate. Towards the end of the card; "If a ship or squadron overlaps an objective token, his opponent controls that token;..." Is this regardless of whether my opponent has a ship in firing range or do they get the victory token if it is overlapped regardless?

I have always taken that as they control the token and get the VPT (Victory Point Token)

Fire Lanes:

End of Round: Each player gains 1 victory token for each objective he controls. To determine control of each token, players measure attack range and line of sight from each of their ships' hull zones as if performing attacks with battery armament targeting that objective token. The player with the highest total number of dice in his combined attack pool controls that token. If a player's ship or squadron overlaps an objective token, his opponent controls that token; if both players' ships or squadrons overlap the same token, neither player controls it.

Control is determined either by the amount of Dice you have at it, or its given to your opponent if you overlap it. (And is considered neither players if both overlap it)

If you have Control of the Objective Token, You gain the Victory Token...

So:

1) - Who has more Dice Wins.
2) - Except if there is one player overlapping, in which case, their opponent controls it.
3) - Except if both players overlap, then no-one overlaps it.

You have to get close to it, but not overlap it. Because you can't bring guns to bear at that range.