Fallen Glasgow giants Rangers were fined £5,500 ($8,219, 7,629 euros) by the Scottish Football Association on Thursday after accepting their previous board breached "dual ownership" rules by allowing Newcastle owner Mike Ashley a role at Ibrox.

Ashley, who made his fortune building up Britain's chain of Sports Direct shops, owns 9.82 percent but is prevented from increasing that stake beyond 10 percent in an agreement with the SFA designed to curb his influence upon Rangers.

However, that didn't stop two of Ashley's closest business associates -- Derek Llambias and Barry Leach -- becoming directors of Rangers until the pair were forced out last month by the new regime running the club.

Ashley loaned the old Rangers board £5 million in January, a sum that has still to be repaid by the club.

After the disciplinary hearing at the SFA's Hampden Park headquarters, a Rangers spokesman said: "The club has today accepted a £5500 fine for breaches of the SFA's Disciplinary Rules 1 and 19.

"They relate to historic events around the time the MASH (Mike Ashley) credit facility was put in place."

The spokesman added: "The club are pleased to see this matter resolved and accepts the ruling of the SFA's judicial panel."

Rangers are currently second in the Scottish second-tier Championship, 22 points behind champions Hearts with three games left, meaning their only hope of promotion back to the top flight lies with the play-offs.

The record 54-times champions of Scotland, Rangers were demoted into the Scottish fourth tier in 2012 after the club went into liquidation but have since secured consecutive promotions.