Ashley Wins The Battle For Control Over Rangers!

Last updated : 26 October 2014 By Footy Mad - Editor

The Rangers board rejected Sale Sharks owner Brian Kennedy's 11th-hour loan offer, and that puts the Newcastle owner another step closer to turning Ibrox into Sports Direct.

He bought the naming rights to the stadium for ... ONE POUND!

Ashley already has an 8.92 per cent stake in the club but will now strengthen his grip on the boardroom after his £2million offer was accepted by the club's directors on Saturday morning.

Kennedy had made a last-gasp £3million counter offer but the club has decided to put its faith in Ashley.

This latest development now leaves chief executive Graham Wallace's position in grave doubt.

The former Manchester City chief operating officer had been pushing for a £16million rescue package being put forward by former oldco director Dave King.

Earlier this month Ashley also called an emergency shareholder meeting to vote off Wallace and finance director Philip Nash.

But when those talks with King broke down earlier this week, Nash decided to resign.

Ashley had already announced he will not sell Newcastle until the end of next season at the earliest, but he could have a rethink.

I don't think he can achieve much more at Newcastle pushing his Sports Direct brand, so Glasgow ... and Scotland ... seems to be his major piority.

But that doesn't suggest he will get out of Toon that easily. Who wants to buy the club?

I was talking to radio presenter Mick Lowes last week about the time we had "seven interested parties" ... and Mick was quick to add "supposed interested parties".

Nothing came of it, and I know one reporter who claims four of them were "made up to generate interest!"