Asian-based businessman Stuart Gibson has increased his Rangers shareholding with a £5m investment.
Papers lodged at Companies House recently showed Rangers had held a share issue that raised about £8.5m.
Gibson has now emerged as the biggest investor, becoming the owner of the club's fourth largest shareholding.
He now holds an 8% stake, sitting behind former chairman Dave King, current chairman Douglas Park and George Taylor.
Park, Taylor and their partner in the so-called Three Bears consortium, George Letham, acquired a combined total of £2.7m worth of new shares.
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