A MYSTERY buyer snapped up more than four million shares in Rangers just hours after the club repaid £1.5 million loans.

The single transaction involved £850,000 worth of shares in the club changing hands and saw 4.25m shares sold just after 11am yesterday.

That represents 5% of the shareholding and only a select few shareholders hold enough stock to sell that amount.

Rangers yesterday revealed the £1m loan from George Letham and a £500,000 loan from Sandy Easdale had been repaid. Edmiston House and Albion car park securities were also released.

The stock movement came days after Mr Easdale tightened his grip on Rangers by buying 1.2million shares.

The bus tycoon spent £250,000 increasing his influence over 26% of the share capital at Ibrox.

The Union of Fans has previously called for the Rangers PLC board to remove Sandy Easdale due to his meeting with convicted fraudster Rafat Rizvi.

A spokesman said: "We repeat our call for the PLC board to disassociate itself from Rizvi by immediately removing Sandy Easdale as a club director."

Last week, a group of financiers strengthened its position as the largest shareholder in Rangers by snapping up more than five million shares.

Laxey partners, based on the Isle of Man, now controls 16.3% in Rangers International Football Club PLC.

Meanwhile, Rangers confirmed Newcastle United owner Mike Ashley did not take up his option of more shares.