NEWCASTLE legend Steve Howey reckons Mike Ashley's interest in Rangers won't go down well with the Toon faithful.

The billionaire has grabbed control of the the Light Blues after a controversial deal with the Ibrox board that saw him hand over a £2million loan as a short-term cash fix.

Derek Llambias, Ashley's right-hand man at St James' Park and Barry Leach of Sports Direct have spent the last two days in Glasgow as the Londoner stamps his authority on the club.

Toon fans have their own ongoing battle with owner Ashley but still turn out in huge numbers on a regular basis.

Ashley has vowed not to sell United at the moment and Howey would prefer to see his cash and time remain in the north east.

He said: "I think the money should be staying at Newcastle quite honestly rather than Mike Ashley dipping here, there and everyone.

"It is not a great one, especially when the team is struggling, but I think it kind of dissipates a little bit with the fans, even though they are still very unhappy with the way things are.

"It kind of goes away a little bit when results start to pick up. They are a lot better rather than the doom and gloom that sometimes you do get."

The arrival of Ashley at Ibrox has sparked outrage amongst sections of the Light Blue legions but former Gers star Ray Wilkins has backed the businessman's intervention.

Ashley has seized control after seeing off bids by Dave King and Brian Kennedy and Wilkins said: "The sky is the limit. I don't really see where Rangers supporters are coming from.

"Anybody that is prepared to help an institution come back to its former self should be welcomed into the club."