Sports Direct owner Mike Ashley has failed in his High Court bid to have Rangers chairman Dave King jailed for breaching a gagging order.
But a judge still has to rule whether or not King is in contempt of court for breaching confidentiality undertakings.
If he is, he could face penalties other than prison.
Ashley and his company say he is because he gave a media interview revealing the existence of a meeting and discussions related to contracts between Sports Direct and the Ibrox club.
Mr Justice Peter Smith, sitting in London, is expected to give his full decision on Friday.
The judge warned King, who was sitting in the back of the court: ''I think Mr King should say absolutely nothing (to the press) except how happy he is not to go to prison, and Mr Justice Peter Smith is a fair-minded judge.''
Source: PA
