Football News: SFA block Ashley from increasing Rangers stake

Newcastle United owner Mike Ashley has been blocked by the Scottish Football Association from increasing his holding in Rangers up to 29.9%.

Ashley, through his company MASH, wanted to increase his shareholding to the maximum allowable without being forced to make a full takeover under stock market rules, despite having already made an agreement with the SFA never to increase his share to more than 10% of the club.

The Sports Direct owner, more famed for his expertise in knocking out tat from his shops in large quantities, has been slowly increasing his control over the Ibrox club, and is facing 5 charges from the SFA over his actions in slowly extending fingers of control to all areas of the club, in direct breach of his agreement with the SFA.

Ashley already runs the Rangers retail business through his sports shops, denying the club a vital source of revenue in a time of dire financial need.

He has also chosen the club's chief executive in return for a loan, plus appointed a Sports Direct executive as a consultant to the club.

The SFA have set a date of the 27th January for him to face his 5 disciplinary charges.

Written by Tris Burke December 25 2014 09:14:43