Newcastle United owner Mike Ashley has sold all of his shares in Rangers to Club 1872 and Julian Wolhardt.

The Sports Direct tycoon has given up his controversial nine per cent stake in the Scottish outfit, a week on from reports suggesting that he is also considering selling the Magpies.

Club 1872 and Hong Kong-based backer Wolhardt have each made £1m investments in Rangers, who chairman Dave King believes are in good hands moving forward.

"This is the partnership I want to see lead Rangers forward; those who care for it most," he told the club's official website. "[I want to see it led by] 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.

"Julian's decision to invest in Rangers is exciting. His business background and acumen are exceptional and it is very pleasing that his scrutiny of the club and its strategy has convinced him of our financial prospects and the merits of our business plan."

Wolhardt added: "I am delighted to become a shareholder. I have a long-held love for Scotland and football and I am keen to see Rangers unlock its considerable commercial potential.

"With the successful restructuring of the retail operations, [Rangers are] now on a firm financial footing and I look forward to being a part of its exciting future."

Rangers finished third on their return to the Scottish Premiership last season, 39 points adrift of runaway champions Celtic.