Rangers last week announced to the London Stock Exchange that former finance director Brian Stockbridge had exercised an option to buy 714,285 shares for a penny each. The share price closed at 28.5p on Monday, meaning Stockbridge could make about £200,000 on the sale of his batch.
The revelation sparked fury among Rangers fans, who campaigned for Stockbridge's removal before his exit earlier this year.
However, the club admitted to the stock exchange in a new statement that they did not flag up this potential share option in their annual accounts.
A statement read: "The directors confirm that following the issue of shares announced on 1 July 2014 pursuant to the exercise of options by a former director, there are now no outstanding share options or convertible shares held within the group.
"The directors note that note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included."
Note 30 stated that "no share options or convertible shares are held within the group".