FANS' groups have strongly criticised billionaire Mike Ashley for strengthening his power base at Rangers without ploughing the £850,000 spent on shares into the crisis-hit club.

It was confirmed yesterday that the Newcastle United owner has bought 4.26m in shares from Rangers International Football Club plc, more than doubling his stake, and making him the second biggest stakeholder in the club, behind Isle of Man-based Laxey Partners.

The move gives him 8.92% of the ­operating company, just short of the 10% dual ownership limit agreed with the Scottish FA.

The move has further fuelled speculation that Mr Ashley could take over the Ibrox giants, a belief that did not disappear after Newcastle United said three weeks ago that the Buckinghamshire-born entrepreneur would not sell the Magpies until at least the end of next season.

But fans have been outraged that he paid 20p a share through two intermediaries to buy from London-based investment company Hale Hargreaves rather than spend the same amount on RIFC's recent open offer aimed at raising £3.6million.

The latter option would have directly ­benefited the cash-strapped club's fund-raising effort.

The operating company board confirmed last month they had managed to sell 15,667,860 shares to help fund the club, but that was just 667,860 above the minimum threshold that would have seen the ­offer collapse and the prospect of a second administration beckoning for the side.

It was predicted that the £2.7m the club did manage to raise would barely get it through to Christmas.

Mr Ashley said at the time that he would not buy any more shares in the recent open share­ ­offer to existing stakeholders.

The Newcastle owner was unavailable for ­comment.