NEWCASTLE United owner Mike Ashley won’t be increasing in stake in Rangers in the club’s share issue.
The billionaire owns 4.6 per cent of the Ibrox club.
And Ashley was said to be considering selling Newcastle so he could take control of Rangers.
However, in a brief statement to the stock exchange, Ashley said: “I will not be participating in the Open Offer which closes at 11am today, Friday, September 12, 2014.”
Under UEFA rules, Ashley couldn’t own two clubs that could meet each other in European competitions.