Asian-based businessman Stuart Gibson has increased his Rangers shareholding with a £5million investment.
Papers lodged at Companies House recently showed Rangers had held a share issue which raised about £8.5million.
Gibson has now emerged as the biggest investor, becoming the owner of the fourth largest shareholding in the club.
He now holds an eight per cent stake, sitting behind former chairman Dave King, current chairman Douglas Park and George Taylor.
Park, Taylor and their partner in the so-called 'Three Bears' consortium, George Letham, acquired a combined total of £2.7million worth of new shares.
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