Laxey Partners sell Rangers shares

Laxey Partners has sold its 16 per cent shareholding in Rangers.

The investment firm was the largest shareholder in the club but has sold its stake for almost £2.7million.

Three separate trades totalling 13,299,415 shares - the exact amount Laxey was listed as owning - were made on Wednesday morning.

It could be Friday before the identity of the buyers is confirmed on the London Stock Exchange.

The development comes in the wake of a rescue offer by three Scottish businessman, Douglas Park, George Letham and George Taylor.

They have offered the Rangers board £6.5million to underwrite a share issue which the Ibrox club need to launch in order to recoup £8.3million in losses.

The club have brough in money immediately by selling highly-rated midfielder Lewis Macleod to Brentford for a reported £1million fee. Rangers are in immediate need of cash despite recently borrowing £3million from another shareholder, Mike Ashley.

But the Newcastle owner's plan to use a share issue to increase his shareholding to just under 30 per cent from his current nine per cent stake was rejected by the Scottish Football Association because of his dual interests.