Rangers have been fined £5,500 by the Scottish Football Association after admitting the previous board breached 'dual ownership' rules by allowing Newcastle chief Mike Ashley into Ibrox. The Sports Direct tycoon owns 9.82 per cent of the Glasgow giants but is prohibited from going over 10 per cent by an agreement struck with Hampden chiefs designed to limit his power at Ibrox. But that did not stop Ashley exerting influence. Two of his closest associates - Derek Llambias and Barry Leach - sat as directors until King forced them out at last month's general meeting. Newcastle owner Mike Ashley bought a 9.8 per cent stake in Rangers and loaned the club £5million . Ashley gave the club's old board a £5million loan in January which remains outstanding. That agreement gives the 50-year-old a floating charge on the club as well as security on a number of assets, including Murray Park and the club's registered trademarks. Representatives of the new board arrived at Hampden at 2pm on Thursday to appear before the SFA's Judicial Panel. Ashley's close associate Derek Llambias sat as director as Ashley exerted his influence . During a three-hour meeting they admitted the club had breached Disciplinary Rule 1, which requires member clubs to 'behave towards the Scottish FA and other members with the utmost good faith' - and were fined £5,000. A second fine of £500 was also imposed after Rangers admitted a breach of Disciplinary Rule 19 - which relates to dual ownership. Ashley - the world's 306th richest man, worth an estimated £3.3billion - was fined £7,500 for breaching Disciplinary Rule 19 last month.
Newcastle owner Mike Ashley owns 9.82 per cent stake in Rangers . Rangers were fined £5,500 by Scottish FA for breaching two rules . Ashley was himself fined £7,500 last month concerning dual ownership .