Scottish Championship side Rangers fans have "fired a warning shot at attempts" to enlist EPL side Newcastle Owner Mike Ashley to underwrite the club's £4M ($6.7M) share issue, "fearing the sports merchandise tycoon may receive naming rights over Ibrox as part of a deal to rescue the club," according to Hugh Macdonald of the HERALD SCOTLAND. Ashley, who bought "almost 9% of Rangers shares in the initial public offering," has been "continually linked with further involvement in the club, though a majority stakeholding would be problematic" under UEFA rules if Rangers and Newcastle United were to qualify for European competition. Approaches have reportedly been made to Ashley from the Ibrox board as the club "seeks money to stave off a debilitating crisis." City sources said that there had been "little enthusiasm for participating in such an initiative and Ashley now seems to have emerged as the board's best hope of investment." A statement from Rangers supporters group Union of Fans said, "Why are the board persisting with these short-term, desperate measures? The club needs urgent, substantial investment -- not a short-term fix which will be lucky to see us past Christmas. Even if they are successful in raising the £4m, almost half the money will immediately have to be used to repay overdue loans" (HERALD SCOTLAND, 8/18). In Glasgow, Gary Ralston reported Rangers legions are "seeking assurances" from the Scottish FA that if Ashley does "increase his holding, Rangers will not be subject to sanctions from Hampden chiefs around the issue of cross ownership." Union of Fans spokesman Chris Graham said, "We'd question the wisdom of approaching someone who, despite his wealth, cannot significantly invest without removing himself from his ownership position at Newcastle." A deal to rebrand Ibrox as the Sports Direct Arena was "mooted last year but came to nothing, although the club has a close merchandise relationship with the company." The Rangers board have been forced to "seek emergency funding after season-ticket sales plummeted in light of concerns over the men running the club" (DAILY RECORD, 8/18).
