RANGERS are facing fresh financial fears today after Mike Ashley insisted he has no plans to sell Newcastle United.

Reports suggested Ashley was ready to buy the troubled Ibrox side, in which he already has a 9% stake.

Hours later, Newcastle United said in a statement: "The truth is Mike Ashley remains committed to Newcastle United.

"This means that for the remainder of this season and at least until the end of next season, Mike Ashley will not, under any circumstances, sell Newcastle United at any price."

It had been reported that the Sports Direct mogul would be willing to listen to offers to sell Newcastle with a view to taking complete control at Ibrox.

As reported in later editions of last night's Evening Times, Ashley has been prevented from increasing his stake at Rangers by the SFA, as he already owns the Newcastle club.

UEFA rules stipulate the same person cannot own two clubs that might meet each other in European competitions and, while neither clubs are involved currently, that could change.

Frustrated fans are still waiting to find out if almost £4m from the club's open share offer has been raised. The deadline passed at 11am yesterday.

As reported last night, Rangers have agreed to pay out an undisclosed sum to ex-director Imran Ahmad after their long-running legal dispute was settled out of court.

In a statement to the London Stock Exchange, the club said the amount to be paid was "significantly less" than the £620,000 previously ring-fenced by court at Ahmad's request.

The former Ibrox man claimed he was owed £500,000 for an unpaid bonus and another £120,000 for legal costs.