Mike Ashley looking to buy stake in Rangers

Newcastle United owner Mike Ashley has commenced talks to buy a stake in Rangers.

Ashley is in advanced talks with Rangers chief executive Charles Green to buy a 10% stake in the club, according to The Herald.

If Ashley is successful, it will form a joint venture to sell the club's replica kit through his company, Sports Direct.

A club spokesman said: "It is speculation and we will not report on commercial matters."

However, a source said: "Talks are at an advanced stage and the deal should be signed in the next few days."

Rangers were recently demoted to the Scottish Third Division.