Rangers: Lewis Macleod sale serves working capital needs

Macleod has left Rangers to join Brentford

Rangers have confirmed to the Stock Exchange that the proceeds of Lewis Macleod's sale to Brentford "will be used for immediate working capital".

The statement added directors are seeking "a long-term and stable financial solution for the club".

Macleod joined Brentford on Wednesday in a deal believed to be worth £1m.

Meanwhile, Rangers also confirmed a purchase of shares by Douglas Park, George Letham and George Taylor, who bought Laxey Partners' 16% in the club.

The three businessmen have also offered funding for the club, who need investment to see out the season. Over 40,000,000 shares are due to be issued in a fundraising offer in January.

The statement to the Stock Exchange read: "The Company has been informed that on 31 December 2014, George Taylor, Douglas Park and George Letham acquired 5,000,000, 5,000,000 and 3,299,415 ordinary shares of 1p each respectively, representing 6.14%, 6.14% and 4.05% of issued share capital.

"A DTR announcement is expected to follow in due course.

"The Board of Rangers is delighted that George Taylor, an existing Significant Shareholder, and George Letham, who provided the Company with a credit facility in 2014, together with Douglas Park have 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."