‘Dual ownership’ rules breach sees Ashley fined £7,500

BILLIONAIRE Newcastle United owner Mike A shley has been fined £7,500 by the Scottish Football A ssociation for breaching “dual ownership” rules with his involvement in Rangers.

The Sports Direct tycoon owns 9.82% of the Ibrox outfit but is prohibited from going over 10% by an agreement struck with Hampden chiefs designed to limit his power at the Glasgow giants.

A s part of that agreement, A shley also gave an undertaking not to exercise undue influence on the club’s board.

However, his behind-thescenes manoeuvrings over the past six months saw the SFA issue the 50-year-old with a Notice of Complaint.

His lawyers held a fivehour meeting with SFA QCs on Monday night but the governing body waited until yesterday afternoon to announce its verdict.

A shley — the world’s 306th richest man, worth an estimated £3.3 billion — was f ined £ 7,500 for breaching Disciplinary Rule 19, which relates to dual ownership.

A second charge relating to Disciplinary Rule 77 — which demands individuals involved in Scottish football must “act in the best interests” of the game — was found not proven.

The Magpies chief was among the original investors who ploughed around £22 million into former chief executive Charles Green’s Initial Public Offering back in December 2012.

But it was late last year he took a keener interest in the fallen Ibrox outfit.

He handed the club a £3m loan in October before nominating right-hand man Derek Llambias to the board as chief executive.

A nother Sports Direct associates, Barry Leach, was then named finance director before A shley signed off on another £10m loan last month.

That agreement gave him a floating charge on the club as well as security on a number of assets, including Murray Park and the club’s registered trademarks.

Rangers have also been charged with breaching Rules 19 and 77.

Getty. Mike Ashley.