MIKE ASHLEY has sold his entire 8.92 per cent shareholding in Rangers just days after renegotiating his Ibrox merchandise deals.

Supporter group Club 1872 have purchased 4.46 per cent of the Ashley stake, with Julian Wolhardt, the CEO of Dehong Capital Partners, buying the remainder.

A spokesperson for Club 1872 said: “We are delighted that our members’ support for Club 1872 has brought us to a point where we can acquire those shares and complete the process of restoring control of RIFC to those who view the footballing success of Rangers FC as being just as important as RIFC’s careful stewardship financially. 

"Club 1872 allows Rangers supporters to help safeguard the future of our Club. Taking our shareholding above 10% puts us well on our way to that goal. Our next ambition is to reach out to those Rangers supporters who are not already members of Club 1872 and encourage them to join. Together we can achieve great things for our Club."

Chairman Dave King announced on Wednesday that the Gers board had struck a deal with Sports Direct to rip up their retail deal and agree a new 12-month contract.

Ashley has now severed the remainder of his ties with Rangers and sold around half his shareholding to the fans.

King said: “This is the partnership I want to see lead Rangers forward. Rangers run by those who care for it most, not what has been dismissively described by some as “fans with calculators,” but a mature and structured organisation which can galvanise and represent our supporters and use their skills and talents to drive our Club back to the top of Scottish and European Football”.

Ashley has been a controversial figure since he first invested in Rangers during the Charles Green era and supporters boycotted his Sports Direct stores in recent years at protest at the retail deals in place.

The remainder of his shareholding has been bought by Woldhart in a £1million deal and the 44-year-old businessman said: “I am delighted to become an RIFC shareholder. I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.

"With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.”