Mike Ashley refused increased Rangers stake

Mike Ashley has been told by the Scottish Football Association that he will not be allowed to increase his stake in Rangers.

The Newcastle United owner currently holds just under 10% of shares at Ibrox Stadium, but he was keen to bump his shareholding up to the maximum 29.9%.

Ashley loaned Rangers £2m back in October to stop the club from going into administration. He then boosted this loan to £3m last month.

The businessman and Rangers were recently charged by the SFA for breaching rules relating to his dual interest in the club and Newcastle United.

The SFA believes that Ashley has undue influence over the Gers, despite owning fewer than 10% of shares.