Charles Green is due to launch a charm offensive in London today on major shareholders in a bid to stave off an attempted boardroom coup at Rangers.
The former chief executive's move came as Isle of Man hedge fund Laxey, which has had past dealings with Mr Green, was revealed as the buyer who purchased more than two million shares in the club on Monday.
Mr Green will join his replacement Craig Mather and finance director Brian Stockbridge, who have been in London since Monday, to garner support for the current board.
Billionaire Jim McColl is attempting to drive through the removal from the board of Mr Mather, Mr Stockbridge and non-executive director Bryan Smart.
Details released yesterday by the London Stock Exchange showed Laxey Partners holds 3,250,000 shares, along with 4.99% of voting rights at Ibrox.
Mr Green earlier agreed to transfer more than half a million shares to Laxey after it invested in Rangers as the club fell in value below a level originally promised by the former chief executive.
Mr Mather is due to meet Laxey ahead of the club's extraordinary general meeting. The meeting, which will decide the power balance at the club, must be held in the next five weeks for shareholders to decide whether they back Mr McColl's proposals or support the status quo.
Mr Green's allies, McGill's bus firm owners the Easdale brothers, are also seeking to up their stake, which is worth about 6%.
Mr McColl and his associates reportedly have the support of at least 40% of investors.
Laxey, which paid between 41p and 42p for its latest stake in the club, is headed up by Colin Kingsnorth.
It would hope to make a profit from its Rangers stake if the price rose during a takeover, or if its share- holding became valuable in an ownership battle.
Mr Kingsnorth said: "We have not been in discussions with any of the various groups at Rangers but are keen to see the club stabilise. We won't have any involvement in the appointment of people or management."
Meanwhile, the club said it would fight any legal action taken by ex-commercial director Imran Ahmad. It has been claimed he will launch a £3.4 million bid to recoup bonuses.
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