Billionaire Newcastle United owner Mike Ashley has been fined 7,500 pounds by the Scottish FA (SFA) for breaching "dual ownership" rules with his involvement in Rangers.
The Sports Direct tycoon owns 9.82 percent of the Ibrox outfit but is prohibited from going over 10 percent by an agreement struck with Hampden chiefs designed to limit his power at the Glasgow giants.
As part of that agreement, Ashley also gave an undertaking not to exercise undue influence on the club's board.
However, his behind-the-scenes manoeuvrings over the past six months saw the SFA issue the 50-year-old with a Notice of Complaint.
His lawyers held a five-hour meeting with SFA QCs on Monday night but the governing body waited until Tuesday afternoon to announce its verdict.
Ashley -- the world's 306th richest man, worth an estimated 3.3 billion pounds -- was fined 7,500 pounds for breaching Disciplinary Rule 19, which relates to dual ownership.
A second charge relating to Disciplinary Rule 77 -- which demands individuals involved in Scottish football must "act in the best interests" of the game -- was found not proven.
The Newcastle chief was among the original investors who ploughed around 22 million pounds into former chief executive Charles Green's Initial Public Offering back in December 2012.
But it was late last year that he took a keener interest in the fallen Ibrox outfit.
He handed the club a three million-pound loan last October before nominating right-hand man Derek Llambias to the board as chief executive.
Another of his Sports Direct associates Barry Leach was then named finance director before Ashley signed off on another 10 million-pound loan last month.
That agreement gave him a floating charge on the club as well as security on a number of assets, including Murray Park and the club's registered trademarks.
Llambias and Leach now remain the club's only boardroom representatives after chairman David Somers and director James Easdale quit before they were axed by Dave King at Friday's general meeting.
Rangers have also been charged with breaching Rules 19 and 77. They will learn their fate on March 16.
The remaining directors announced to the Stock Exchange on Tuesday afternoon that they had "commenced the process of satisfying the conditions for drawdown" of the second five million pound loan the Newcastle chief offered at the end of January.
The board said it would require the cash "in order to meet its cash requirements for the third week of March."
Its statement added: "Drawdown of the second tranche of the Facility is subject to due diligence by [Sports Direct].
"Shareholders should be aware that there are other conditions of drawdown which include a material and adverse change and/or significant, adverse event condition which could impact upon the willingness of SD to release the funds. If the funds are not able to be drawn down from the Facility, alternative sources of external funding will be required.''