Ibrox faithful increase shares as Ashley offloads

Newcastle United owner Mike Ashley has sold his shareholding in Rangers and the largest Light Blues supporter group has bought half his Ibrox stake.

The news comes just two days after Rangers chairman Dave King agreed a deal with the Sports Direct owner that provides the Ibrox club with a new £5million-a-year retail deal.

Ashley’s firm MASH Holdings Limited bought an 8.9% stake in Rangers International Football Club Ltd (RIFC) when the company was floated by former chief executive Charles Green in 2012.

But he has now sold a 4.46% tranche to supporter group Club 1872, with the rest bought by Julian Wolhardt, chief operating officer of Hong Kong-based Dehong Capital Partners.

Club 1872 – formed last year by a merger of supporter groups – becomes the club’s second biggest shareholder by taking its stake to 10.71%.

Wolhardt was married in Scotland and previously worked for Asian Investment firm KKR when it bought a large stake in German outfit Hertha Berlin.

Club 1872 and Wolhardt have both paid £1million for the shares and King said: “This is the partnership I want to see lead Rangers forward, run by those who care for it most, not what has been described by some as supporters with calculators, but a mature and structured organisation which can galvanise and represent our supporters and use their skills and talents to drive our club back to the top of Scottish and European football.

“Julian’s decision to invest in Rangers is exciting for the club. His business background and acumen are exceptional and it is very pleasing his scrutiny of the club and its strategy has convinced him of our financial prospects and the merits of our business plan.”

Dave King