Mike Ashley has dropped his bid to force the Scottish FA to reconsider its decision to approve Dave King as a "fit and proper person".

The businessman's MASH Holdings Limited was due to seek judicial review of the decision at the Court of Session on Thursday.

The company was expected to argue the governing body had failed to follow its own regulations over the decision.

Counsel for MASH, however, gave notice of intention to withdraw the action at the opening of the hearing in court.

Ashley's firm withdrew the action after it was given assurances by the SFA over legal opinion on King's past in South Africa and also his past involvement in oldco Rangers.

A matter of the costs incurred by the SFA, Dave King and Rangers in the case was debated at the hearing. Judge Lord Bannatyne will give his ruling on this matter in the coming weeks.

Lawyers for King asked for the costs to be paid by MASH, saying the case case was a "continuation of vendetta" and personal attack to "discredit" the Rangers chairman's reputation.

South Africa-based King was granted approval to take up position as chairman at Ibrox in May 2015 after the SFA ruled he was a "fit and proper person" to hold a key position at a Scottish club.

Ashley, who owns nearly 9% of shares in Rangers through MASH Holdings, was expected to advance several arguments over the conduct of King and the governing body during the process.

His company was expected to reference King's 41 convictions for contraventions of the Income Tax Act in South Africa, while also arguing the Scottish FA failed to give an adequate explanation as to its reasons for its decision.

It was also expected MASH Holdings would claim the SFA acted outside of its remit by referring the decision to the full board rather than to the Professional Game Board.

The governing body's articles of association allow for the board to "be entitled to exercise its powers in relation to such areas of responsibility over any like matters considered and determined by the Professional Game Board" when it sees fit.

Though there is no set criteria for what constitutes a "fit and proper person", the governing body follows a set of guidelines before making its decision.

The SFA board had to weigh up King's involvement with the Rangers oldco and his convictions for breaches of the Income Tax Act in South Africa.

An SFA statement at the time said: "The scale of this due diligence is unprecedented but befitting the complexities of the consideration placed before the board.

"During this exercise, both Mr King and the club were fully cooperative and responded to all questions put to them by the Scottish FA.

"On the basis of this advice presented to it, and having considered all submissions received from Mr King and the club in respect of this matter, the Scottish FA board granted an approval, conditional upon further submissions from Mr King in respect of documented agreements with the appropriate authorities in South Africa.

"The Scottish FA can confirm it has now received this supplementary documentation in full and the board is satisfied Mr King is 'fit and proper'."

King pleaded guilty to breaching 41 counts of the Income Tax Act in South Africa in 2013. He agreed to pay £650,000 in fines and hand over £38.1m in assets or else face a maximum of 82 years in jail.

He was also on the board of directors at Rangers when the old company which operated the club went into administration in February 2012.

The company subsequently entered liquidation and sold its assets to a newco.