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Newcastle United’s billionaire owner Mike Ashley has been fined just £7,500 for exerting too much influence at Rangers.

The Magpies boss - who was today named the world’s 306th richest man with a fortune of £3.3bn by Forbes - was found guilty of breaking Scottish Football Association (SFA) rules by having a controlling stake in two football clubs.

The SFA quoted disciplinary rule 19, which states that Mr Ashley is unable to involve himself in “the management of administration” of two clubs without “prior written consent of the board”.

Rangers were also charged with not acting in the best interests of the national association but that breach was not proved.

The rule says: “Except with the prior written consent of the Board: (a) no club or nominee of a club; and (b) no person, whether absolutely or as a trustee, either alone or in conjunction with one or more associates or solely through an associate or associates (even where such person has no formal interest), who: (i) is a member of a club; or (ii) is involved in any capacity whatsoever in the management or administration of a club, or (iii) has any power whatsoever to influence the management or administration or a club, may at the same time either directly or indirectly: (a) be a member of another club; or (b) be involved in any capacity whatsoever in the management or administration of another club; or (c) have any power whatsoever to influence the management or administration of another club.”

The Sports Direct owner has a near 9% stake in Rangers, has lent the club several million pounds and in return has received security over assets such as Murray Park.

His company also own 75 per cent of Rangers retail.

Ashley’s former Sports Direct employees, Derek Llambias and Barry Leach, are the two remaining directors on the Championship outfit’s board.