FAN groups hope the ending of Mike Ashley's direct involvement in Rangers following his share sale for £2 million will usher in a new era for the club.

The Sports Direct and Newcastle United supremo, who was the third biggest shareholder in the Ibrox club, sold his 7.3m shares to fans group Club 1872 and Julian Wolhardt, the chief executive of Dehong Capital Partners - a Hong Kong based private equity firm.

The move sees Club 1872 become the second largest shareholder in Rangers International Football Club with 10.71% of the club.

The Herald understands that the club have not ruled out continuing commercial association with Sports Direct after a newly re-drawn merchandise agreement ends at the end of next season.

The Herald:

Mr Ashley sold just two days after Rangers chairman Dave King announced a truce with the tycoon over the sales of its merchandise in a move he described as "the single most important thing since regime change".

It is understood the sportwear tycoon has made no more than £1m from the sale.

Mr King who took control of the club three years ago, said the new one year commercial deal with Sports Direct involves at least a share of net profits through their stores, megastore and webstore.

It came after a series of rows which ended in the courts over the amount Rangers were making from the sales of merchandise - said to be just 4p in the pound - that led to a fans boycott of kit sales. It was described by Mr King as a "toxic and acrimonious" relationship.

The Herald:

The agreement ripped up the old seven-year deal with Sports Direct to be replaced by a new one which lasts till the end of next season, taking the club to the end of its five year shirt deal with Puma. It is estimated it could net Rangers an additional £5million a year via a huge increase in shirt sales.

Rangers had said it meant the end of the Mike Ashley-controlled merchandising arm Rangers Retail, with the club now dealing directly with the sports retailer and that "by far the largest benefit of [the new deal] is going back into the club and in particular to the football squad".

After the truce was announced Rangers fans flocked back to Sports Direct shops and club stores in their droves to snap up replica shirts which had been reduced in priced to around £20 before the agreement was announced.

Drew Roberton, the general secretary of the Rangers Supporters Association, said he would not object to further involvement by Mr Ashley if the next year proves profitable for the club and Sports Direct.

The Herald:

"We hope now that everyone moves forward in a positive manner," he said. "If we are sharing the profits now, it might not necessarily be the end of an association with Sports Direct. We have to see how it goes.

"Maybe if Rangers are successful, Mike Ashley will see just now just how much money can be generated by the club."

He said it was "unfortunate" that the money from the share purchase by shareholder group Club 1872, would benefit Mr Ashley, rather than the club.

Club 1872 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."

Some hardcore fans who took part in the Ashley boycott have vowed they will still not set foot in Sports Direct-controlled stores, despite the truce.

One said: "People have been saying that we cannot beat Mike Ashley. He is a billionaire. We just did. This is the way it was always going to end."

With Ashley out the picture, the last remaining obstacle to a rights issue to raise money is also effectively gone, and Mr King has indicated his interest in this.

The Herald: Mike Ashley and Derek Llambias made the unpopular move of renaming St James' Park, the Sports Direct Arena

It is believed the board could call an EGM to push through plans to raise £16m to pay off loans from King and shareholders Douglas Park, George Letham and George Taylor.

During what was one of the most troublesome period of the club's history, secured and then after a fans furore gave up his rights to rename Ibrox, bought for £1.

His control over the club's joint venture with Sports Direct over merchandising caused the biggest stink amongst supporters. The Rangers Supporters Trust even launched an alternative shirt for fans as they took on Mr Ashley in the war over Rangers Retail - and said all profits would be ploughed back into an increased shareholding in their club.