REBEL Rangers shareholder Jim McColl has handed over his 10,000-share stake in Rangers to a fans group.

The multi-millionaire Clyde Blowers boss - one of Scotland's richest men - tried to topple the Ibrox board a year ago when he backed Paul Murray's "requisitioners".

But the 62-year-old has kept a low profile since failing to oust football board chairman, Sandy Easdale, and David Somers at the 2013 AGM.

And the club has since stumbled from one crisis to another.

However, while the club is still dangerously short of cash, hopes have risen among the Light Blues faithful since Dave King and the Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - grabbed control of around 34% of the club with two surprise share purchases last week.

McColl's move came as the Ibrox board rejected Robert Sarver's £18 million takeover bid after claiming it does not "adequately value a controlling interest."

As reported in late editions of yesterday's Evening Times, directors announced they did not intend to hold a general meeting but said they had invited the owner of the NBA's Phoenix Suns to take part in future discussions.

It emerged on Sunday night the US tycoon wanted to buy a controlling stake in the crisis-hit Ibrox outfit.

Rangers First is a community-interest company, who plan to use a similar scheme to the one which rescued Hearts from administration, to save the Ibrox outfit.

In a statement, McColl said: "I was happy with the aims of Rangers First in uniting the fan shareholders and I have gifted my shares to Rangers First.

"I encourage other supporters to look at their aims and decide for themselves."

McColl's move is another boost for Rangers First, who have seen a surge in interest since news of King's 14.57% purchase on New Year's Eve.

A spokesman for the fans' group, said: "The Rangers First support are committing to the future of the club.

"Players and directors come and go, but the fans are the one constant.

"More and more fans are now stepping up everyday. The fans will always be there."

The supporters' group plan to snap up another 40,000 shares in the coming days.

Meanwhile, the club's directors - who are still looking for emergency cash, despite a £500,000 loan from football board chairman Easdale yesterday - have encouraged Mr Sarver to work with other supporters to help find a solution to Rangers' financial problems.

The statement said: "While the directors welcome Mr Sarver's approach, they believe, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required.

"The directors do not intend to hold the general meeting necessary to implement the proposal.

"The company is managing its cash resources carefully and will require further funding before the end of January.

"The directors are in discussions withRangers' significant stakeholders with a view to arranging finance for the club.

"This is likely to comprise loans in the short term and possibly equity in the medium term."