Newcastle United owner Mike Ashley has confirmed to the stock exchange that he will not be taking part in the Rangers share issue.

Ashley was reported to be considering selling the Magpies in a bid to focus on increasing his stake at Rangers.

But in a brief statement to the stock exchange, Ashley said: "I will not be participating in the Open Offer which closes at 11am today, Friday, September 12, 2014."

Ashley is listed as having a stake of about 4.6 per cent in Rangers and it recently emerged that he secured the naming rights for Ibrox when he struck a deal to control the club's merchandising sales through his Sports Direct firm.

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 in the future.

When the issue was launched two weeks ago, the Rangers board issued warnings about their ability to meet financial obligations if the fundraising exercise fails.

Newcastle United has released a statement saying that Ashley remains committed to the club and will not sell until at least the end of next season.

It has also banned the Daily Telegraph from the club with immediate effect following a report in the paper headlined 'Newcastle United For Sale As Ashley Eyes Rangers', claiming the article was wholly inaccurate and written with the intention of unsettling the club, players and supporters.

In a statement, the club said: "The truth is Mike Ashley remains committed to Newcastle United.

"For the avoidance of doubt, 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.

"The Club cannot be stronger in stating its position on this matter.

"It is not acceptable for newspapers to print factually inaccurate reports that are damaging to the Club and to fail to check facts with Newcastle United ahead of publication and then expect to receive access to the Club.

"Newcastle United will not tolerate this and will take such action as it deems appropriate.

"The ban extends to all reporters working for, or freelancing on behalf of, the Daily Telegraph, as well as Luke Edwards in any capacity he may have working for the paper's sister title or on a freelance basis."

Ashley paid £134m to buy Newcastle from Sir John Hall and Freddie Shepherd in 2007.