RFC.L Share News (RFC)

Rangers International Football Club has confirmed that a consortium of local businessmen has bought a significant minority stake in the business, which has been forced into selling a player in order to generate short-term working capital.Midfielder Lewis Macleod has been bought by English Championship side Brentford for a fee estimated to be between £0.85m and £1m, proceeds of which the club said will be used to run the business as it looks to drum up more significant funds in coming weeks.Meanwhile, a consortium of three investors known as the 'three bears' has bought a 16% stake in the company in order to attempt to overthrow the current management team or at least balance the power of 10% shareholder Mike Ashley, the Sports Direct founder who also owns English Premier League club Newcastle United.Existing significant shareholder Douglas Park and fellow local businessmen George Letham and George Taylor have this week built a 16.3% stake through buying shares at 20p each from hedge fund Laxey Partners, to stand as the largest combined shareholding at the club.Letham last year provided the company with a £1m short-term credit facility, which was repaid in October.A statement on Friday revealed that Taylor, Park and Letham had acquired 5m, 5m and 3m existing shares respectively, representing 6.14%, 6.14% and 4.05% of the total number of shares.Laxey boss Colin Kingsnorth told the Daily Record: "I sold because a fans-based group were hopefully going to be the best placed to take on Mike Ashley's power."He added: "I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands."Just before Christmas, the Scottish Football Association's (SFA) blocked a request by Ashley to increase the size of his stake to a maximum of 29.9%.Ashley, whose stake is held via his MASH Holdings Limited vehicle and who has bought the naming rights for the club's Ibrox Stadium, has been told by the SFA that he cannot buy a larger major stake in Rangers while he is owner of Newcastle, who play in the English Premier League.After the purchase by the consortium, the Rangers board, which since 19 December has been led by new chief executive Derek Llambias, a long-time business associate of Ashley and former Newcastle executive, said it was "delighted" that the trio had "demonstrated their commitment to the company through this purchase"."The directors welcome their continued enthusiasm towards contributing to the future success of the company and club."