RFC.L Share News (RFC)

Rangers International Football Club has confirmed the Scottish Football Association's (SFA) refusal to allow major shareholder Mike Ashley to increase the size of his stake.The SFA released a statement on 24 December that revealed it had unanimously rejected a request by Rangers for Ashley, the chairman of Sports Direct International and owner of Newcastle Football Club, to increase his stake to a maximum of 29.9%.Ashley, whose stake is held via his MASH Holdings Limited vehicle and who has bought the naming rights for the club's Ibrox Stadium, has been told by the SFA that he cannot buy a larger major stake in Rangers while he is owner of Newcastle, who play in the English Premier League.Rangers' request comes after Derek Llambias, a long-time business associate of Ashley and former Newcastle executive, was appointed chief executive of the Glasgow club on 19 December.The SFA's board convened on 23 December to hear a submission from the Rangers board, the SFA said."The board has now carefully considered the application and has decided, unanimously, that the application should not be granted," it said."The board, under Article 13 of the Scottish FA articles of association, is required to have due regard to the need to promote and safeguard the interests and public profile of association football, its players, spectators and others involved with the game."