Sports Direct owner Mike Ashley has sold his shareholding in Rangers.

The businessman owned a 8.9% stake in Rangers International Football Club PLC through his Mash Holdings Limited company.

On Friday, the Club 1872 supporters group announced it had purchased half of the shares alongside Julian Juul Wolhardt, described as a chief executive of a "Hong Kong-based private equity firm", who bought the other chunk.

The development comes after Rangers chairman Dave King announced earlier this week that a controversial retail deal with Mr Ashley's Sports Direct group had been renegotiated.

Prior to the deal with Mr Ashley, the Club 1872 Shares CIC had a 6.25% stake in Rangers International Football Club PLC.

The move should see the group increase its holding to around 10.7%, which it described as a "significant marker". It means the fans organisation holds the second largest block in Rangers International, behind Mr King's New Oasis Asset Limited on 14.5%.

A spokesman 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 (Rangers International Football Club) 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."