Rangers investor Sandy Easdale has released a statement distancing himself from Media House spin doctor Jack Irvine.
It follows allegations that Irvine was the leak who last week revealed the club is considering a fresh share issue in a bid to raise £8million of much-needed cash.
Former newspaper editor Irvine has provided advice on media relations to Easdale and brother James as part of an arrangement with their McGill's bus firm.
But he has also worked for Rangers at various spells over the past five years.
However, Easdale - who is chairman of the club's football board, but is not a PLC director - now insists Media House no longer represents either the League One champions or any of his private businesses.
In a personal statement, Easdale said: "I wish to confirm that neither Media House International Ltd nor its Executive Chairman Jack Irvine acts for me or any of my associated companies. Indeed Mr Irvine and I severed our business relationship on August 23, 2013, when Mr Irvine renewed his contract with Rangers Football Club. It is therefore wholly untrue to suggest or imply that Mr Irvine and I have a business relationship.
"For the avoidance of doubt my over-riding interest is to see Rangers Football Club managed in a highly-professional fashion with rigid financial discipline in all areas and I will do everything I can to assist the executive team in this aim.
"Rangers Football Club ended their business relationship with Media House International Ltd by mutual consent in March this year and only Rangers Press Office have the authority to comment on behalf of the football club."
It is thought that the Light Blues could launch a new rights issue "within weeks" as they desperately seek fresh investment.
On Friday, the club revealed the effects of supporter boycott of season-tickets - backed by the Union of Fans coalition group and former director Dave King - had seen sales slump to just 17,000.
In response to that stock exchange statement, the UoF claimed that a "clear majority of fans" had now rejected the current Ibrox board and their management of the Glasgow giants.
And the group - backed by eight supporter organisations - also called on PLC chairman David Somers and chief executive Graham Wallace to address Irvine's alleged involvement with the club.
Their statement said: "The corporate governance at the club also continues to be a cause for grave concern.
"We would repeat that it is unacceptable for Jack Irvine of Media House to have access to confidential, price-sensitive board information through the Easdales and to then leak that information to the press as he did this week. We call on David Somers and Graham Wallace to address this situation as a matter of urgency."