Newcastle chairman Ashley cleared to buy stake in Rangers

The Magpies owner's retail group Sports Direct recently signed an agreement with the Ibrox outfit but he is now interested in buying a stake in the Scottish club
Newcastle United chairman Mike Ashley has been cleared to buy a stake in Rangers, according to the Scottish club's chief executive Charles Green.

Ashley's sports retail company Sports Direct recently signed an agreement with the Gers, but the Englishman has now set his sights on taking a stake in the club itself.

And Green, who relaunched the Ibrox club as a newco following their liquidation, is keen to get more investors on board.

"As you know we've been trying to get the position clear where Mike can buy shares in Rangers," Green told Sky Sports.

"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."