Investment group admits Rangers share sale

Investment group Hargreave Hale has confirmed it was behind the sale of over four million Rangers shares - but Dave King has denied being their mysterious buyer.

It emerged on Tuesday that £853,000 worth of shares in the Ibrox outfit were traded on the AIM market.

A spokesman for London-based investment manager Hargreave Hale - which was one of the Ibrox outfit's four largest shareholders - confirmed it had parted with 4,265,000 shares.

But Rangers have yet to confirm who now holds the stock.

Rumours circulating Glasgow had suggested that King had the man behind the deal.

But the South African-based businessman - a former oldco director - says that he is not the buyer.

The Castlemilk-born multi-millionaire lost a £20million investment when the Light Blues were liquidated in July 2012 but he has launched recent attempts to force the current ruling regime out of Ibrox.

The shares traded on Tuesday were sold at 20p each - the same value afforded to each share in the recent open offer. The trade represents more than five per cent of the club's shares.

Hargreave Hale originally owned 4.42million shares, leaving it now with around 155,000.