Scottish Championship side Rangers accepted shareholder Mike Ashley's £2M ($3.2M) bailout on Saturday and "there are now no rules" to stop the EPL side Newcastle United owner from "seizing total control of the club," according to Scott McDermott of the Scotland DAILY RECORD. Ashley "could make a bid for full control of Rangers and there's nothing the authorities can do to stop him." Rangers accepted a £2M "emergency loan from Ashley in return for at least two seats on the board." His shareholding remains at 8.3% but he reportedly "may now fight for majority ownership." The "general perception" is that Ashley would be "prohibited from controlling" two U.K. clubs at the same time. However, if he decides to "increase his stake" then the Scottish FA and UEFA would be "relatively powerless to stop him." Ashley’s loan was "approved by directors ahead of a rival" £3M ($4.8M) offer from Premiership Sale Sharks Owner Brian Kennedy. Ashley agreed to an undertaking involving the club and the SFA "almost three years ago" to own no more than 10% of Rangers. But with Ashley's "cash boost potentially being in the best interests of the club, he is able to move for more shares." Premier League rules in England "would not prevent Ashley from purchasing a larger chunk of Rangers." His "only stumbling block would be if Newcastle were relegated, as the Football League have more stringent rules on dual ownership" (DAILY RECORD, 10/26). STV reported Kennedy had made a "last-gasp" £3M counter offer but the "cash-strapped Ibrox outfit looks to have put its faith in" Ashley. Kennedy: "We put an offer in but it was not accepted so we graciously walk away and hope it all works out for Rangers." The move also "casts doubt over the future" of Rangers CEO Graham Wallace, with Ashley having "already made moves to try and remove him from the club's board." SFA rules extend to "forbidding an owner of another club from having the power to influence the management of another" (STV, 10/25).
