Join thousands of fans who have signed up to our Rangers newsletter. Subscribe Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

RANGERS fans have backed the SFA’s decision to block further Mike Ashley investment at Ibrox.

The Hampden board have told Gers chief executive Derek Llambias to forget about the Sports Direct tycoon increasing his shareholding to 29.9 per cent.

Llambias attended a meeting at the national stadium on Tuesday to lay out his vision for the future to the SFA board, which includes chief executive Stewart Regan, president Campbell Ogilvie and influential club figures such as Peter Lawwell at Celtic and Rod Petrie of Hibs.

(Image: PA)

They have now told Ashley to forget increasing his stake from its current level of around nine per cent - much to the relief of the Light Blues legions, but the “disappointment” of the club.

Union of Fans spokesman Chris Graham said: “We welcome the decision by the SFA and have always made clear our wish for them to block further Ashley influence.

“We’ve had our issues with the SFA in the past - and they may continue in future - but they’ve done the right thing by the club on this occasion.

“The controversial recent email from chairman David Somers proves there are alternative funding streams available out there, not just from Ashley.

Leaked David Somers email shows Rangers chairman feared axe if Mike Ashley lost power struggle

“The board knows there was nothing wrong with the recent Dave King proposal to invest £16 million, for example, but they simply wanted to go with Ashley.

“We now hope the board will approach alternative sources for funding and secure the long term future of the club.

“The fans don’t trust the current people running the club and Ashley is part of that.

“He is only interested in commercial aspects and his retail relationship with Rangers and all his funding to date has come in the form of loans.

In Pictures: Rangers 2014 AGM

“We’ve had four years of instability and mistrust and we need people at the helm of Rangers with the club’s best interests at heart.

“Ashley does not represent that any more than Charles Green, Imran Ahmad or David Somers. The fans need someone they can believe in and that’s not Ashley.”

The SFA had insisted talks with Llambias were informal and no major announcement was expected, but they went public with their Christmas Eve message on their website.

It read: “The Scottish FA Board convened on Tuesday, 23rd December to hear a submission from the Board of Rangers Football Club. This meeting was arranged in respect of a request set out in an Application to Consent to an increase in MASH Holdings Limited’s shareholding in Rangers International Football Club to a maximum of 29.9% of the issued share capital.

“The Board has now carefully considered the Application and has decided, unanimously, that the Application should not be granted.

“The Board, under Article 13 of the Scottish FA Articles of Association, is required to have due regard to the need to promote and safeguard the interests and public profile of association football, its players, spectators and others involved with the game. This test is set out in full in Article 13.6..”

Rangers said: “The board of Rangers Football Club are very disappointed with the SFA’s decision and we will now consider all our options.”

Read blogger Jonny McFarlane's views on latest Ibrox chaos