Laxey increase stake in Gers

Sky Bet Loading Market ... Football Betting Get a £5 free bet every week Laxey Partners have taken their shareholding in Rangers to more than 7.5m with the acquisition of another 3.3m shares.

The Isle of Man-based hedge fund paid £1.4m for the shares in the Rangers International Football Club, taking its stake in the Scottish League One side to 11.64 per cent.

Laxey Partners also have a deal with former Rangers chief executive Charles Green to buy his 700,000 shares when he is free to offload them on December 19.

The club's annual general meeting will be held on the same day when former

chairman Malcolm Murray and his allies, including former director Paul Murray, will put themselves forward for election to the board.

Laxey signalled that they would vote in favour of the current board members at the AGM.

The PLC board consists of Green ally Brian Stockbridge, Greenock-based businessman James Easdale plus three recent additions - Wallace, acting chairman David Somers and Norman Crighton.

Laxey founding partner Colin Kingsnorth told STV: "We will be voting for the current board at the AGM. It feels like the requisitionists have pushed the pace of change for the good and there is now a professional and competent board in place.

"This is not the old board but new, good people. Graham Wallace seems very good news. The days of wheeling and dealing seemed to have passed and a professional board is in place - we want to give them a chance to get on with it."

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