FORMER Rangers chief executive Charles Green has agreed to sell nearly 15% of his stake in the club to a hedge fund based in an offshore tax haven.
Mr Green, listed as being Rangers International Football Club's biggest shareholder, with a stake of nearly 8%, is to transfer 714,285 of more than five million shares to Isle of Man-based hedge fund managers Laxey Partners.
He bought his shares in Rangers at 1p each as part of an agreement in October 31 last year, days after the Laxey deal was dated and months before Rangers IFC was floated on the stock market in December.
In a stock-exchange announcement, Rangers IFC confirmed that Mr Green, who earned a salary of £360,000 a year at the club, had left on May 31.
But the share transfer does not affect his status as the newco's biggest shareholder, with 300,000 more shares than the second-biggest, Blue Pitch Holdings. The announcement states that Mr Green is prevented from transferring the rest of his shares before December 7 this year.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article