Mike Ashley: Newscastle owner
Mike Ashley owns Newcastle United and has a 9% stake in RangersReuters

Mike Ashley has stated that he will not be following up his initial interest in taking over Rangers Football Club, for the time being at least, after he failed to take advantage of the open offer rights issue that closed at 11am on Friday 12 September.

The controversial Sports Direct boss had been largely touted as being the latest billionaire to save troubled Scottish football team Rangers after he secured naming rights for the Ibrox stadium in exchange for a 9% stake in the club.

However, in a rare public statement, the 50-year-old, who also owns Newcastle United, said he will not be buying the former SPL giants.

"I will not be participating in the Open Offer which closes at 11am today, Friday September 12, 2014," said Ashley, shortly before the deadline.

Ashley had been prevented by Uefa from upping his stake in Rangers to more than 10% as the European footballing body's rules stipulate that one person cannot own two clubs that may meet each other in European competitions.

Rumours had begun to surface that Ashley was looking to end his turbulent seven-year association with Newcastle United, but it seems as though he has either been content with the Premier League team or he was unable to find a buyer for the club.