Mike Ashley's Rangers swoop overshadows Craig Whyte dawn raids in yet another dramatic day for the club A more arcane theory has it that Ashley would accept administration as a short-term hit because it would shake out other contracts and allow him, as a major creditor, to bid for the club on the cheap. There is a third, more plausible option. Ashley's lawyers are engaged in a low-key, but crucial positional battle with the Scottish Football Association. Ashley's people want to find a way for him to increase his shareholding at Ibrox and Telegraph readers will remember that the idea of him taking his stake up to almost 27 per cent was floated in September. The SFA signed a binding agreement with Ashley, anchored in their Articles of Association, designed to keep him at 10 per cent or below. However, as money repeatedly runs out at Ibrox, Ashley either gets to increase his grip through security on the assets, with the SFA watching impotently, or he holds back, knowing that Scottish football's governing body could be put in the invidious position of taking the blame for another insolvency event. And all of this is played out against a background of dawn swoops by police in southern England, as they arrest the former Rangers company secretary and three managing directors of Duff & Phelps, the company that oversaw Rangers" administration in 2012. How tempting it is to conjure the fantasy that a posse of gun-toting Federales bore down on Whyte at the Mexican airport, to be greeted with a demand to show their ID, only for them to yell the immortal misquote from The Treasure of the Sierra Madre: "We don't need no" stinking badges!" Remember Ashley's condition for advancing the soft loan that was rebuffed by the Rangers plc board in September? The club crest and trademark? Somebody does need the badges - and it looks unlikely that anybody can or will stop him now. Meanwhile, Rangers have confirmed Telegraph Sport's disclosure last month that the club would post losses of over £8 million in the accounts for the year to June 30, 2014. The figure given when the accounts were posted on the club's website was £8.3 million. David Somers, the Rangers chairman, commented ..."challenges still remain and despite additional financing having been secured over the year, further funding is necessary to ensure the club's ability to move forward successfully to achieve the goals we all seek and expect of Rangers Football Club. To this end the board will be seeking shareholder approval at the forthcoming AGM to issue additional shares to ensure maximum flexibility for the company to raise equity finance and provide the financial capability required to develop the club in the longer term.