RANGERS have admitted publishing "incorrect" information in their financial results last year after former director Brian Stockbridge completed a deal to buy £215,000 worth of shares for a fraction of their stock market value.
The ex-finance chief, who had his contract terminated in January, paid just over £7000 to increase his stake in League One champions, a move which attracted a furious response from fans.
Mr Stockbridge was a member of Charles Green's consortium that bought Rangers in 2012 and, as part of a deal struck then, he has been able to snap up 714,285 shares in Rangers International Football Club plc, now trading at 28.50p, for just 1p each.
The move came months after his controversial spell at Ibrox came to an end just weeks after he won re-election to the board at a stormy AGM that saw the Rangers hierarchy stave off a coup.
Accounts published in October last year, while Mr Stockbridge was financial director at Ibrox, included a note which stated that "no share options or convertible shares are held within the Group".
But the board last night admitted that the information in those accounts, which were also signed off by then chief executive Craig Mather and auditors Deloitte, was false.
A release to the Stock Exchange said: "The Directors confirm that following the issue of shares announced on 1 July 2014 pursuant to the exercise of options by a former Director, there are now no outstanding share options or convertible shares held within the Group.
"The Directors note that Note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included."