Last updated on .From the section Football

Newcastle owner Mike Ashley is a Rangers shareholder

The first meeting between the new Rangers regime and Newcastle owner Mike Ashley has been described as "amicable" by a source close to the board.

Board members, including interim chairman Paul Murray, met with the retail tycoon on Wednesday to discuss his continuing influence at Ibrox.

Ashley, who owns almost 9% of the Scottish Championship club, has a £5m secured loan with Rangers.

The Englishman's Sports Direct also has control over Rangers' retail operation.

Rangers were fined £5,500 by a Scottish Football Association judicial panel this month for breaching "dual ownership" rules relating to Ashley.

The Englishman had earlier been fined £7,500 last month for the same offence.

He was deemed to have influenced the management or administration through the appointment of business associates Derek Llambias and Barry Leach to the club's board.

However, those two were voted off the board in March by a group of shareholders led by South Africa-based businessman Dave King.