Mike Ashley has decided not to attend the SFA hearing over alleged 'dual ownership' rule breaches at Hampden Park today. However, he will get involved in the conference call. Ashley has just provided another £10m loan to the club, £2m of which will be used to repay an earlier loan from Sport Direct, which could influence the SFA's judicial panel when they eventually move forward to reach a decision over the duel ownership issue. The Newcastle United owner, who also holds an 8.92 per cent stake in Rangers, had been called to appear today for a preliminary hearing with their lawyers and representatives from Rangers to arrange a date for the full hearing, which the Sports Direct owner will be obliged to attend.
Ashley signed an agreement in 2012 stating he would not increase his stake in the Championship club to more than 10 per cent while he remained in charge at St James' Park, but the SFA was forced to step in and prevent him increasing that holding to just under 30 per cent last month. However, after handing the Ibrox board two loans totalling £3m towards the end of last year, and placing associates Derek Llambias and Barry Leach on the board, Ashley has been able to take virtual control of the club. The new £10m loan also includes the right to appoint another two directors for the period of the loan.