Sports Direct supremo Mike Ashley has ended his direct involvement with Rangers, having sold his club shareholding in a £2 million deal.
His shares have been bought by supporters group Club 1872 and Julian Wolhardt, the chief executive of Dehong Capital Partners - a Hong Kong based private equity firm.
The move sees Club 1872 become the 2nd largest shareholder in Rangers International Football Club with 10.71% of the club.
It is understood the shares have been sold at 27.5p.
In a statement, Club 1872 said: "Club 1872 is delighted to announce the purchase of a significant block of shares in Rangers International Football Club PLC (RIFC) - representing 4.46% of the total shares in the company. These shares have been purchased from MASH Holdings Limited.
"Club 1872’s acquisition takes our shareholding in RIFC over 10%, a significant marker in our progress as a shareholder / investor in RIFC. We now hold 10.71%, making Club 1872 the second largest shareholder in RIFC.
"We are delighted that our members’ support for Club 1872 has brought us to a point where we can acquire these shares and complete the process of restoring control of RIFC to those who view the footballing success of Rangers FC as being just as important as RIFC’s careful stewardship financially."
It comes just two days after Rangers chairman Dave King announced a truce with Sports Direct supremo Mike Ashley over the sales of its merchandise in a move he described as "the single most important thing since regime change".
Mr King who took control of the club three years ago, said a new one year commercial deal with Sports Direct involves at least a share of net profits through their stores, megastore and webstore.
The agreement came after a series of rows which ended in the courts over the amount Rangers were making from the sales of merchandise - said to be just 4p in the pound - that led to a fans boycott of kit sales. It was described by Mr King as a "toxic and acrimonious" relationship.
The agreement ripped up the old seven-year deal with Sports Direct to be replaced by a new one which lasts till the end of next season, taking the club to the end of its five year shirt deal with Puma, which has ended in controversy. The club say they can then renegotiate "with Sports Direct or anyone else".
The club said it meant the end of the Mike Ashley-controlled merchandising arm Rangers Retail, with the club now dealing directly with the sports retailer and that "by far the largest benefit of [the new deal] is going back into the club and in particular to the football squad".
Despite the agreement, Mr King had referred to a mere "thawing" of the relationship with Sports Direct and he then confirmed it would not result in investment by Mr Ashley.
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