FANS groups have strongly criticised billionaire Mike Ashley for strengthening his power base at Rangers without ploughing the £850,000 spent on shares into the crisis-hit club.
It was confirmed yesterday the Newcastle United owner has bought 4.26 million in shares from Rangers International Football Club plc, more than doubling his stake.
The deal makes him the second- biggest stakeholder in the club, behind Isle of Man-based Laxey Partners, which has 16.32 per cent of the business.
The announcement confirmed the stake was being held in MASH Holdings, a company wholly owned by the Sports Direct owner.
The move gives him 8.92 per cent of the operating company, just short of the 10 per cent dual ownership limit agreed with the Scottish FA.
It has further fuelled speculation Mr Ashley could take over the club, a belief that did not disappear after Newcastle United said three weeks ago the Buckinghamshire-born entrepreneur would not sell the Magpies until at least the end of next season.
But fans have been outraged he paid 20p a share through two intermediaries to buy from London-based investment company Hale Hargreaves rather than spend the same amount on RIFC's recent open offer aimed at raising £3.6 million. The latter option would have directly benefited the hard-up club's fundraising effort.
The operating company board confirmed last month it had managed to sell 15,667,860 shares to help fund the club, but that was just 667,860 above the minimum threshold that would have seen the offer collapse and the prospect of a second administration beckoning at a time when it is playing in the Championship after two successive promotions. Reports have stated the club is losing about £600,000 a month.
It was predicted the £2.7m the club did manage to raise would barely get it through to Christmas.
Mr Ashley said at the time he would not buy any more shares in the recent open share offer to existing stakeholders.
It further emerged he is behind a new company, Rangers Retail Rights Ltd, established in the last few weeks at Companies House - a move some observers felt was a further indicator of Mr Ashley's attempts to secure his foothold in the club.
Mr Ashley already has a major influence over the club, having already bought the naming rights of Ibrox and struck a deal for the operation of the club's shops.
And he has the support of bus tycoon Sandy Easdale, chairman of RIFC's football board plc subsidiary, who holds voting rights over a 26.1 per cent stake and a crucial veto over major club investment decisions.
The Union of Fans supporters' coalition has been resisting moves to have Mr Ashley more involved and remains behind former Rangers director Dave King's offer to re-invest up to £50m in the club.
Chris Graham, of the fans' group, said: "The biggest issue for us is why he bought the shares from an existing shareholder after he could have put the money into the club. He is not someone we would be pleased to see have any more control than he already does."
The Sons of Struth fans' group, which has previously raised the prospect of boycotting Sports Direct stores, said: "A true messiah would not have given a hedge fund £800,000 this week instead of giving the club £800,000 a week or so ago."
Mr Ashley was unavailable for comment.
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