The Scottish Football Association has fined Mike Ashley – reportedly worth £3.75bn – £7,500 after finding him guilty of a rules breach in relation to dual interest in Rangers and Newcastle United.

The Newcastle owner has only an 8.92% stake in Rangers but has had a clear and key involvement in recent events at Ibrox; as illustrated by the appointment of allies to the board, loans to the club and exercising of commercial rights. Ashley had signed up to SFA regulations which stipulated he could not exert influence without the permission of its board.

After a five-hour hearing of a specially-convened judicial panel on Monday evening, which Ashley did not attend, the SFA confirmed the billionaire was “found in breach” and the amount of the fine. Rangers’ own case is scheduled for 16 March.

Derek Llambias and Barry Leach face removal from the board or resignation this week, with Dave King claiming landslide victory in his extraordinary general meeting request for all directors to be changed. Llambias also holds the role of Rangers chief executive; both he and Leach are long-time Ashley associates.

In a statement on Tuesday, King said: “All of the Rangers directors that are subject to my requisition have now accepted that my resolutions have been successful and there is now no need for the general meeting to proceed.

“Mr Llambias put it best by advising me that I had achieved a ‘landslide’ victory. James Easdale and David Somers did the right thing by resigning. However, the two appointees of Mr Ashley have stubbornly refused to resign and are using their current position [as directors] to withhold implementation of the resolutions for personal gain.

“Now that the incoming board and I can focus on the future I will issue a further press statement outlining the immediate and intermediate steps that we have to take as we commence the road to re-establishing Rangers to the institution that its legacy demands.”