Follow Newcastle United's relegation from the Premier League being confirmed earlier this week there has been much talk surrounding his shareholding in Rangers, as well as his part in the Rangers Retail joint venture, breaching Football League rules.
This afternoon the Football League released a statement: "Under Football League rules, which differ from those applied by the Premier League in this area, individuals with shareholdings in a member club are permitted to own up to 9.9% in a second club where held for investment purposes. Any other interests require the League's consent. Once Newcastle United have formally become a member of The Football League this matter will be discussed with the club."
What does this mean for Rangers going forward? We'll just have to wait and see what action, if any, is taken by the Football League however there are a wide range of sanctions at their disposal should Ashley fail to comply with their rules on dual interests, ranging from a fine all the way up to expulsion from the league.
The Football League's rules relating to dual interests are very detailed on what is and isn't allowed and currently it's almost impossible to see where Ashley's involvement with Rangers doesn't constitute a breach of the rules.