Dave King acquires 14.6 per cent stake in Rangers

The Rangers power struggle has taken a further twist after the club announced that Dave King has acquired almost 15 per cent of the club.

Just two days after it was confirmed the Three Bears group had bought out the Ibrox club's biggest shareholder Laxey Partners, South Africa-based former oldco director King has now made his move.

A statement to the London Stock Exchange said: "The Company was informed on 2 January 2015 that New Oasis Investments Limited ("New Oasis"), a Company 100 per cent owned by the Family Trust of Dave King, acquired 11,869,505 Ordinary Shares in the Company on 2 January 2015.

"Following the transaction, New Oasis will be interested in 11,869,505 Ordinary Shares in the Company, representing approximately 14.57 per cent of the Issued Share Capital."

Artemis Investment Management LLP, who have offices in Edinburgh, and the London-based Miton Group have both confirmed that they have handed King their shares.

King offered the club a £16m investment package two months ago but was rebuffed by chairman David Somers, who claimed the Castlemilk-born millionaire had failed to reveal his backers or provide proof of funds.

News of his latest move comes just hours after the Rangers board welcomed the purchase of 13.3million shares by millionaire businessman Douglas Park's Three Bears group.

Laxey Partners sold its 16 per cent stake to Park and his associates George Letham and George Taylor.

Laxey chairman Colin Kingsnorth claimed he was handing the shares to the three wealthy supporters so they could lead the fight against Mike Ashley's Ibrox involvement, after labelling Somers a "wet fish".

Ashley owns an 8.92 per cent stake in Rangers and controls the club's retail division. But the £3m emergency loan the Sports Direct businessman handed the board late last year has effectively given him control of the club.

Rangers are desperately short of money and need to raise £8.3m before April 1 if they are to stay afloat.

They were forced to sell midfielder Lewis Macleod to Brentford on Wednesday for an "undisclosed fee".

In a separate Stock Exchange notice, the club also announced the proceeds of the sale - understood to be just under £1m - will be used as working capital in the next few weeks.

It said: "The board of Rangers announces that on 30 December 2014 Rangers Football Club entered into an agreement to sell a player, Lewis Macleod. The proceeds of the sale will be used for immediate working capital needs during the next few weeks while the directors, in consultation with the company's major shareholders and third parties, seek a long term and stable financial solution for the club."