Newcastle owner Mike Ashley bought Ibrox naming rights – for £1

DEAL ... Newcastle owner Mike Ashley.
DEAL ... Newcastle owner Mike Ashley.
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NEWCASTLE United owner Mike Ashley has bought the naming rights to Ibrox – for £1!

The agreement, struck with former Rangers chief executive, was made two years ago, according to the Daily Record.

Ashley – who controversially renamed St James’s Park the Sports Direct Arena for almost a year until the intervention of club sponsors Wonga – is yet to activate the deal.

The billionaire is a shareholder in Rangers, which is crippled by financial problems.

Rangers director Sandy Easdale said: “Let’s clear this up.

“Charles Green had already done a deal with Mike on that.

“Sports Direct haven’t taken it up as yet. Mike Ashley could call it the Sport Direct Arena tomorrow.

“It’s still an option, and they could trigger now if they really wanted to.

“He could call it the Sport Direct Arena tomorrow.”

Easdale has invited Ashley to underwrite a £4m share issue in the club.