MIKE ASHLEY'S growing involvement with Rangers is set to be the subject of attention from the Scottish Football Association following the Ibrox club's decision to accept a £2 million loan from the sports retail tycoon.

Ashley, who already has an 8.92% stake in the SPFL League One champions, tabled an offer on Friday that will see badly-needed funds placed into a business which, according to one report last night, may have been as close to 48 hours away from going into administration. It is understood that discussions have also been held over the possibility of Ashley underwriting a future share issue.

Under an agreement struck with the SFA relating to issues of dual ownership, his position as the owner of Newcastle United in the Barclays Premiership precludes him from having more than a 10% shareholding in Rangers or any direct influence on boardroom affairs.

However, a share issue would almost certainly take him above that threshold if, as many market observers believe, there is insufficient interest from other investors. The possibility also remains, of course, for Ashley, whose company, Sports Direct, has helped make him a billionaire, to effectively finance the club by providing further loans.

The SFA are expected to contact Rangers over the coming days for further information on the intricacies of the loan agreement and any future intentions Ashley may have.

Ashley wants chief executive Graham Wallace removed along with the finance director, Philip Nash. Nash resigned on Friday while Wallace, currently on a family holiday in Greece, is likely to be asked to follow suit.

Derek Llambias, who was Ashley's managing director at Newcastle United before resigning in the wake of Joe Kinnear's appointment as director of football in June 2013, is already one name strongly in the frame to take over the day-to-day running of the club.

Ally McCoist, the Rangers manager, spoke to Wallace by telephone yesterday morning, but insists he is unaware of any developments over the current chief executive's position.

"He never mentioned that," said McCoist. "He phoned me up and we spoke as we normally do before a game. We spoke about the team and the game, but there were no other discussions at all."

McCoist has spoken in the past about enjoying a strong working relationship with Wallace and would not welcome the further instability created by another change of chief executive.

McCoist, however, will not seek any meeting with Ashley and will wait, along with the rest of the staff, to discover what ramifications the 50-year-old businessman's intervention will have for the club.

He said: "I won't seek it (clarity). When someone has something to tell me, I will get the information and relay it to the team and the staff.

"I do not think it is my position to do anything other than get a winning team on the park for the supporters. I think we are

definitely getting nearer to a stage where information will come to everyone."

Dave King, the former Rangers director, submitted a package to the board last Tuesday that involved an initial loan with further equity that was worth an estimated £16m. Brian Kennedy, the owner of the Sale Sharks rugby club, also put forward an 11th-hour proposal, but the board have opted to go with Ashley, who will endeavour to install two of his own men on the board.

Ashley previously sought to gain control of the Rangers club badge and trademark under the terms of a loan agreement that was vetoed by Wallace and Nash, who were understood to be supportive of King's rescue package. It is also well documented that he bought the naming rights on Ibrox Stadium for £1 under a deal struck with the former chief executive Charles Green.

King flew back to his base in South Africa on Thursday, claiming Ashley's proposal could not be viewed as a long-term solution for the Glasgow club and that his offer remained active. Kennedy, however, appears to have admitted defeat and was quoted last night as saying that he was "disappointed for Rangers".

Rangers are expected to confirm their agreement with Ashley in a statement to the Stock Exchange tomorrow.

McCoist, meanwhile, expressed his delight with the attitude of his players after they secured a 3-0 victory over Dumbarton in the SPFL Championship with goals from Kenny Miller, Lee Wallace and Kris Boyd.

"I thought we were excellent from start to finish," said McCoist. "One minor complaint is we could have done with the second goal a little earlier."