Prominent tycoon Mike Ashley is set to end his association with Rangers this summer after he agreed to sell his stake in the club, according to the Daily Mail.
The multi-million pound businessman, who is also the owner of Premier League side Newcastle United, took an 8.92 per cent stake of shares in the club back in 2014.
The move was heavily criticised by supporters’ groups, and fans protested against his plans to use the Ibrox Stadium as security against a £10million loan in 2015.
The Sports Direct owner’s arrival at the club also saw a controversial deal agreed which meant that he took 93 pence of every pound of Rangers merchandise and memorabilia sold in his stores.
However, a renegotiation with Rangers chairman Dave King will see Ashley depart the club, selling his shares to both supporters’ groups and a new investor.
Despite the drama behind the scenes, it has not stopped Rangers boss Pedro Caixinha from getting heavily involved in this summer’s transfer window, with no less than six arrivals confirmed at Ibrox, most recently Columbian striker Alfredo Morelos.
The Portuguese manager, who joined the club back in March of this year, has also brought in Bruno Alves, Ryan Jack, Dacio, Fabio Cardoso and Daniel Candeias to the Glasgow club, while Carlos Pena and Eduardo Herrera are awaiting work permits before their moves are confirmed.