Member Article

Newcastle United's Mike Ashley sees his stake in Rangers reduced to 3.68%

Newcastle United boss Mike Ashley has had his stake in Glasgow’s Rangers United reduced from 4.56% to 3.68%.

Earlier this month, the Glasgow club aimed to raise new funding to help “re-build and re-establish Rangers as a stable, sustainable and successful business”

It appears that Ashley has not taken up the club’s offer and, as a result, his holding has been diluted by almost 20% to 3.68%.

Ashley reportedly owns the naming rights to Rangers’ Ibrox Stadium, which he bought for just £1 from former director Charles Green back in 2012.

Ashley has denied that he has been considering selling Newcastle United to focus on Rangers, claiming that NUFC won’t be on the market until at least 2016.

The Scottish club has already expressed its interest in seeking permission from shareholders to raise further funds from a wider share issue.

This was posted in Bdaily's Members' News section by Ellen Forster .