A group of financiers has strengthened its ­position as the largest shareholder in Rangers by snapping up more than five million shares.

Laxey Partners, a finance company based on the Isle of Man, now controls 16.3% in Rangers International Football Club PLC.

The open offer of shares in the company saw Laxey buy more than five million shares - giving the firm a total of more than 13 million.

As previously reported, the share offer raised £3.13m in total, reaching the minimum required.

Meanwhile, in a further announcement, Rangers confirmed that Newcastle United owner Mike Ashley did not take up his option of more shares.

The billionaire tycoon's holding has dropped from 4.56% to 3.68% as a result of the issue intended to provide short-term working capital and partly repay loans.

Rangers had been hoping to raise £4m by making ­almost 20 million new shares available to existing shareholders at the end of August.

Ibrox bosses confirmed they had managed to sell 15,667,860 shares to help fund the club.

However, that was just 667,860 above the minimum threshold that would have seen the offer collapse and hasten the prospect of a ­second administration.

It was also nearly £1m short of the amount the Ibrox board hoped to raise.

It is understood the Rangers board intends to seek permission from shareholders at this year's AGM to ­allow it to raise more funds from a wider share issue.

Last week, the Evening Times told how more than £2m was wiped off the club's value in a day.

It came as shares in ­Rangers dropped to a record low of 18.5p.

Fresh financial fears ­surround Ibrox as shares in the club closed at 19p.

Chris Graham, of the Union of Fans, the Rangers' supporters coalition group, said: "The business is ailing. it is obviously a concern that the share price is constantly going south."

The UOF said the £2.7m the club did manage to raise would barely get it through to Christmas.

rebecca.gray@ eveningtimes.co.uk