Newcastle United owner Mike Ashley has called for a meeting of Rangers shareholders where he hopes to oust chief executive Graham Wallace.

Ashley recently increased his stake in the Scottish club to 9% and also hopes to remove director Philip Nash from the board as he seeks to gain further control.

Rangers announced to the Stock Exchange that it had "received a notice dated 7 October 2014 from Mike Ashley, a director of MASH Holdings Limited ("MASH") under Section 303 of the Companies Act 2006.

"The notice states that MASH holds 4,265,000 ordinary shares of 1p each in the company amounting to 5% of the voting rights of the company. MASH requires the company to call a general meeting of the shareholders of the company and to put certain resolutions to shareholders for inclusion in the business at such a general meeting of the company.

"The notice puts forward resolutions for the removal of Graham Wallace and Philip Nash as directors of the company. The company is currently verifying that the Notice is properly constituted.

"The board is united in its support of the executive team. If the notice is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions."

Rangers have promised to make a further announcement shortly, but it is understood that should it come to a vote, the board will recommend that shareholders reject Ashley's motion.