Ashley set for stake in Rangers

  • Last Updated: October 19 2012, 18:29 BST

Newcastle owner Mike Ashley has been cleared to buy a stake in Rangers, according to Ibrox chief executive Charles Green.

Mike Ashley: Set for Rangers stake

Rangers recently signed a retail agreement with Ashley's Sports Direct firm and the businessman has been looking to secure a separate deal giving him a shareholding in the Scottish Football League club.

Green last week launched a £20million share issue scheme for fans and is also looking to attract institutional investors.

Green, whose consortium bought the club's assets and business for £5.5million when it was consigned to liquidation, told Sky Sports News: "As you know we've been trying to get the position clear where Mike can buy shares in Rangers.

"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."

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