Mike Ashley loses court appeal against SFA fine
via Evening Times |
MIKE ASHLEY has lost his legal bid to overturn a fine from the Scottish FA regarding his interest in Rangers.
The Newcastle United chief had claimed that an error in law had been made over the decision to impose a £1000 sanction.
As part of the credit facility that MASH Holdings, which is 100% owned by Ashley, entered into with Rangers in October 2014, the businessman was able to nominate associate Derek Llambias as a director of Rangers International Football Club plc and Rangers Football Club Limited.
Under SFA rules, Ashley, who owns an 8.92% stake in RIFC plc and is the majority shareholder at St James’ Park, is forbidden from having an increased influence at Ibrox and a judicial panel ruled he had breached those rules as a result of the MASH loan.
Lord Brodie agreed with the SFA’s compliance officer that the Toon chief, through MASH, had through the “very granting of the right to nominate directors in and of itself gave rise to the possibility of the petitioner influencing the affairs of two clubs”.
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