Mike Ashley has won the battle for control of Rangers after the Ibrox board rejected Sale Sharks owner Brian Kennedy’s 11th-hour loan offer, reports said yesterday.

The Newcastle owner – who already has an 8.92 per cent stake in the club – will now strengthen his grip on the Light Blues boardroom after his £2 million offer was accepted by the club’s directors yesterday.

Kennedy – a member of the Blue Knights consortium which failed to stop the club from sinking into liquidation in the summer of 2012 – had made a last-gasp £3 million counter offer but the cash-strapped Ibrox outfit has decided to put its faith in Ashley.

This latest development now leaves chief executive Graham Wallace’s position in grave doubt.

The former Manchester City chief operating officer had been pushing for a £16 million rescue package being put forward by former oldco director Dave King.

That put him in direct opposition with football board chairman Sandy Easdale – who controls a 26 per cent stake in the club – after the McGill’s Buses owner pushed ahead with attempts to involve Ashley.

The Sports Direct tycoon had already struck a deal to run Rangers’ retail division and bought naming rights to the stadium from former chief executive Charles Green for just £1.

Meanwhile, Ashley has already announced he will not sell Newcastle until the end of next season at the earliest and he is prevented from owning more than 10 per cent of Rangers by a deal struck with the Scottish FA.

However, a source close to the billionaire told PA Sport that he was keen to increase his involvement with the Glasgow club.

The source said: “Rangers are in serious financial difficulty and require his immediate financial help”.