MIKE ASHLEY faces the prospect of being forced to loosen his grip on Rangers in the wake of Newcastle’s relegation from the Premier League.

The Toon will play Championship football next term after rivals Sunderland condemned them to the drop on Wednesday evening.

Read more: Mike Ashley insists Newcastle will learn lessons after Premier League relegation

But United could find themselves kicked out of the Football League if chiefs launch a probe into his array of arrangements with Rangers and decide that they breach their stringent rules on dual interests regarding the ownership of shares and the off-field influence individuals can have on more than one club.

A Football League spokesman said: “Under Football League regulations, which differ from those applied by the Premier League in this area, individuals with shareholdings in a member club are permitted to own up to 9.9 per cent in a second club where held for investment purposes only. Any other interests require the League’s consent.  Once Newcastle United have formally become a member of The Football League this matter will be discussed with the club.”

Ashley owns an 8.92% stake at Ibrox and controls Rangers’ merchandise operation through his Sports Direct empire, and his involvement with the Gers has now come under the microscope.

Without written consent of the Football League board, an individual cannot hold an interest in another club and Regulation 99 states: “A person shall be deemed to be interested in a football club if he, whether directly or indirectly: holds or deals in (or has made any application to hold or deal in or underwrite any issue of) the securities or shares of that football club; or is a member of that football club; or is involved in any capacity whatsoever in the management or administration of that football club; or has any power whatsoever to influence the financial, commercial or business affairs or the management or administration of that football club; or has lent to, gifted money to, or purchased future receivables from or guaranteed the debts or obligations of that football club (or any other arrangement of substantially similar effect) otherwise than in the ordinary course of banking."

If the billionaire is found to have broken the dual interest regulations, the Football League board will order him to ‘take such action as is necessary to rectify the breach forthwith or within such period as the Board shall determine’.

And the consequences could be severe for Newcastle if the FL are not satisfied that there is no breach of their rulebook, with rule 105.3 stating: “Without prejudice to the range of other sanctions that may be imposed in respect of such breach, any Club in breach of any of the aforesaid Regulations may with the sanction of a special resolution passed at an Annual or Extraordinary General Meeting of The League, be expelled from The League. There shall be no right of appeal against such expulsion.”

Ashley has been the subject of ire and protests from supporters in Newcastle and Glasgow for some time and the Light Blue legions hope the latest twist in the tale could force the Londoner to sever some, if not all, of his ties with Rangers.

But Craig Houston of the Sons of Struth reckons fans may face a lengthy wait to discover what the United chairman’s next move will be.

Houston told SportTimes: “Mike Ashley has a shareholding in Rangers and obviously the merchandise deal that we are not happy with.

“Going by the Football League rules, it looks like he does have to sell his shares. I don’t see him selling Newcastle quickly.

“The only question is who he sells them to. Does he sell to Sandy Easdale? Does he sell to one of his London associates? Or does he just argue with the Football League about why he shouldn’t sell?

“I don’t think there is any expectation that he sells them soon. There will be some timescale on it and, Mike Ashley being Mike Ashley, he will take that all the way and argue through the courts that he shouldn’t have to sell.

“If he did go, it would be great for Rangers fans because we don't want him to have anything to do with our club.

“Unfortunately because of our recent history with him, I doubt very much he would sell to someone that the fans would embrace.

“I wouldn’t be surprised if they want to Sandy Easdale, Derek Llambias or one of his old cohorts.”

The pressure is on Ashley and the Toon board after Newcastle slipped out of England’s top flight for the second time under his stewardship.

And Houston knows the businessman faces a series of tough calls in the coming weeks as he considers his next moves on both sides of the border. 

He said: “As the scores were coming through on Wednesday night, I had mixed emotions.

“It is obviously fantastic that there is another issue that Mike Ashley has to deal with but I have got close connections with the Newcastle fans over the last couple of years.

“Like all things in sport, fans put more in than anyone else than any one individual and they suffer more when things go wrong.

“I have got a real bit of empathy with the Newcastle fans. But I am delighted that, as a by-product of them being relegated, Mike Ashley has got some serious questions to answer.”