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Mike Ashley set to sell Rangers shares

Sports Direct Founder Faces Commons Select Committee Over Working Conditions Photo by Dan Kitwood/Getty Images

After finally coming to an agreement with the club over the scandalous retail agreement that was previously in place, it looks as though Mike Ashley will sell his 8.9% shareholding in Rangers and leave only the rewritten retail deal in place as his only interest in the club.

According to reports, Ashley is set to sell his stake to Club1872 and an ‘unnamed foreign investor’ as he finally walks away from a club he has tried to bleed every penny from over the last five years. During his spell as a shareholder, Ashley has been sold the naming rights to Ibrox for £1, essentially gifted the club’s retail arm and, at one point, even used the club as a glorified treatment centre for five injured Newcastle players (two of whom never kicked a ball for Rangers and another two who played less than two full games combined).

Rangers chairman Dave King was asked to comment on the reports, however, was limited to saying "I can’t talk about it but I would expect an announcement on that soon".

If Ashley does sell up it’ll put to an end one of the most troublesome periods in the club’s recent history as the board look at raising £16m to pay off existing interest-free director loans through a rights issue.