Mike Ashley loses legal bid to have SFA fine overturned

Mr Ashley was fined £1,000 by the Scottish Football Association (SFA) for breaching its rules on dual ownership after he garnered a shareholding of nearly nine per cent in the Ibrox club while also owning Newcastle United.

In a written judgment Lord Brodie found that SFA bosses acted appropriately.

He wrote: “I shall uphold the second plea in law for the respondent. The petition is dismissed.”

Mr Ashley’s company, MASH Holdings Limited, loaned Rangers £5 million in October 2014. His business associate, Derek Llambias, was nominated and appointed a director of the club.

Craig Sandison QC, for Mr Ashley, told the court that MASH controlled Rangers’ shares and that there was a difference in law between the organisation and the individual.

He said: “The panel did not apply the principles of natural justice in relation to the factual matters that were put before them.

“Their reaction was unjustified and we seek a reduction of their decision.”

Lord Brodie stated: “The appeal tribunal considered that the disciplinary tribunal was entitled to make the finding it did about nomination. I agree.”