Mike Ashley sells shares in Rangers
Businessman and Newcastle United owner Mike Ashley has sold his remaining shareholding in Rangers International Football Club Plc.
Ibrox fans' group Club 1872 has bought half of them (4.46%) for £1m from Ashley's company, MASH Holdings Limited, taking its holding to 10.71%.
The supporters' organisation says it is "a significant marker in our progress as a shareholder/investor".
Rangers chairman Dave King has announced further investment of £1m by Julian Wolhardt. The CEO of Dehong Capital Partners, a private equity firm based in Hong Kong, has purchased the remainder from MASH Holdings Limited, who bought an 8.9% stake in RIFC when the company was floated by former chief executive Charles Green in 2012.
Earlier this week, Rangers announced a new £5m-a-year commercial deal with Ashley's company Sports Direct "on terms substantially different from the terminated agreements".
A Club 1872 statement said: "We are delighted that our members' support for Club 1872 has brought us to a point where we can acquire these shares and complete the process of restoring control of RIFC to those who view the footballing success of Rangers FC as being just as important as RIFC's careful stewardship financially."