Mystery buyer of 4m Rangers shares in French bank

THE identify of the buyer who snapped up more than four million shares in Rangers remains a mystery despite the club confirming they are now being held by a French bank.

Former Ibrox director Dave King is not the mystery man behind the purchase of four million Rangers shares. Picture: SNS

The Ibrox board announced in a statement issued to the London Stock Exchange on Wednesday afternoon that a 5.23 per cent stake is now registered with the Paris-based BNP Paribas Arbitrage SNC.

While investment group Hargreave Hale had earlier confirmed it was the selling party, both Rangers and the bank refused to comment on the details of the transaction.

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But it is understood the shares have been purchased on behalf of an unnamed third party and are now being held in a nominee account.

Rumours circulating Glasgow on Wednesday morning had suggested former oldco director Dave King was the man behind Tuesday’s £853,000 trade.

But the South African-based businessman quickly rubbished those claimed in a statement given to Press Association Sport.

The Castlemilk-born multi-millionaire lost a £20 million investment when the Light Blues were liquidated in July 2012 but he has launched recent attempts to force the current ruling regime out of Ibrox.

Laxey Partners - the club’s biggest stakeholder with 16.3 per cent of the Ibrox shares - has also denied being the buyer.

And there has been no word from Mike Ashley, the Newcastle United owner who also holds a 3.68 per cent in the Glasgow giants.

Hargreave Hale was one of the Ibrox outfit’s five largest shareholders until it parted with 4,265,000 shares, selling them at 20p each - the same value afforded to each share in the recent open offer.

It is left with just 69,450 shares - or a 0.0852 stake in the League One champions.