• Premier League

Ashley to buy stake in Rangers

ESPN staff
October 19, 2012
Influential: Mike Ashley is a man looking to invest © Getty Images
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Newcastle United owner Mike Ashley is poised to take a stake in Rangers, according to Ibrox chief executive Charles Green.

Ashley's Sports Direct firm recently signed a retail agreement with the Gers and he is now on the brink of taking a shareholding in the Glasgow club.

Green recently launched a £20 million share issue and it would appear Ashley is set to invest.

"As you know we've been trying to get the position clear where Mike can buy shares in Rangers," Green told Sky Sports News. "We finally got clearance from the Football League after they had a board meeting recently and the meetings this afternoon were to make sure the path's clear for Mr Ashley to invest. He's obviously keen to do that and I'm sure that will get completed in the next few days.

"I think we've already stated previously that he's not allowed to take a material stake because of the dual ownership position.

"It was made clear to the Football League that it would be single-digit percentages. So it's below what I said to the financial authorities that no-one would hold more than 10 per cent. Mike will be under the 10 per cent level.

"There's lots of things that we want to do with Sports Direct. Mike's very, very influential."

© ESPN Sports Media Ltd.
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