Ashley

MIKE ASHLEY faces the prospect of being forced to loosen his grip on Rangers in the wake of Newcastle’s relegation from the Premier League.

The Toon will play Championship football next term after rivals Sunderland condemned them to the drop on Wednesday evening.

But United could find themselves kicked out of the Football League if chiefs launch a probe into his array of arrangements with Rangers and decide that they breach their stringent rules on dual interests regarding the ownership of shares and the off-field influence individuals can have on more than one club.

Ashley owns an 8.92% stake at Ibrox and controls Rangers’ merchandise operation through his Sports Direct empire, and his involvement with the Gers has now come under the microscope.

Without written consent of the Football League board, an individual cannot hold an interest in another club and Regulation 99 states: “A person shall be deemed to be interested in a football club if he, whether directly or indirectly: holds or deals in (or has made any application to hold or deal in or underwrite any issue of) the securities or shares of that football club; or is a member of that football club; or is involved in any capacity whatsoever in the management or administration of that football club; or has any power whatsoever to influence the financial, commercial or business affairs or the management or administration of that football club; or has lent to, gifted money to, or purchased future receivables from or guaranteed the debts or obligations of that football club (or any other arrangement of substantially similar effect) otherwise than in the ordinary course of banking."

If the billionaire is found to have broken the dual interest regulations, the Football League board will order him to ‘take such action as is necessary to rectify the breach forthwith or within such period as the Board shall determine’.

And the consequences could be severe for Newcastle if the FL are not satisfied that there is no breach of their rulebook, with rule 105.3 stating: “Without prejudice to the range of other sanctions that may be imposed in respect of such breach, any Club in breach of any of the aforesaid Regulations may with the sanction of a special resolution passed at an Annual or Extraordinary General Meeting of The League, be expelled from The League. There shall be no right of appeal against such expulsion."

Ashley has been the subject of ire and protests from supporters in Newcastle and Glasgow for some time and the Light Blue legions hope the latest twist in the tale could force the Londoner to sever some, if not all, of his ties with Rangers.

But Craig Houston of the Sons of Struth reckons fans may face a lengthy wait to discover what the United chairman’s next move will be.

Houston told SportTimes: “Mike Ashley has a shareholding in Rangers and obviously the merchandise deal that we are not happy with.

“Going by the Football League rules, it looks like he does have to sell his shares. I don’t see him selling Newcastle quickly.