MORE than three million shares in Rangers were traded in the club's single biggest stock exchange transfer for almost a year on the day a former senior Manchester City figure was appointed as the club's new chief executive.
Intrigue surrounds the identity of the buyer of the 3.2 million shares.
The transaction is the largest since Rangers International Football Club was listed on the Alternative Investment Market last December. With the shares sold at 41p, the total value was £1.4m.
It represents 5.1% of the shareholding, and only Artemis, Hargreave Hale, Laxey Partners and Blue Pitch Holdings held enough stock to be able to sell that amount.
It came as Scots-born Graham Wallace, a former chief financial officer at the English Premiership giants, took up the vacant post with immediate effect.
Mr Wallace, who is originally from Dumfries, spoke of his delight at joining the Ibrox club.
The appointment will be voted on by shareholders at next month's annual general meeting.
He spent four years at Manchester City, overseeing the development of the club under Sheikh Mansour and also the 2012 Barclays Premier League title win.
"I am delighted to join Rangers Football Club as the club continues its journey back to the pinnacle of the game in Scotland and beyond," said Mr Wallace, who had previously spent three years as chief financial officer for IMG's global media business, and five years as chief financial officer for MTV Networks Europe.
He added: "While the last few years have been distressing, there is no reason why Rangers cannot be even stronger than we once were before these challenges presented themselves.
"That strength will be built upon strong leadership of the club and the continuing support of the fans. I watched from afar as the Rangers support came to the club's aid during the times of turmoil and now it is the turn of the board and management to provide the stability and governance to drive Rangers' recovery forward."
With two shareholder blocks backing different boardroom candidates, the AGM is expected to be a fraught affair.
The vote on the current directors and four nominees - Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson - is likely to be tight.
Mr Wallace, 52, is the third Rangers chief executive in the past 12 months, following Charles Green, who stepped down last May, and Craig Mather, who left the role last month.
The appointment ends several weeks of recruitment searches, following the appointment of David Somers as a non-executive director and interim chairman.
Mr Somers said it was a priority to seek a new CEO, and discussions were held with Scott Gardiner, the Dundee FC chief executive. A lifelong Rangers fan, Mr Gardiner was keen on the role but did not want to take it when there remains such uncertainty around the future control of the club.
David Longmuir, the former Scottish Football League chief executive, also decided not to take the position.
Rick Parry, the former Liverpool managing director, was contacted by a third party about the position, but the talks did not progress, while Garry Cook, who was Wallace's superior at Manchester City, was also linked with the role.
Mr Somers said: "After an extensive recruitment process the board interviewed several high calibre individuals and determined Mr Graham was by far the outstanding candidate for the position."
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