RANGERS fans' chiefs today denied speaking with Laxey Partners Limited after the hedge fund gave their backing to the Ibrox board ahead of next month's AGM.

The Isle of Man-based company took their shareholding in Rangers International Football Club plc to 11.4% on Wednesday after acquiring more than three million shares for around £1.3million.

Colin Kingsnorth, one of the founders of Laxey, claimed yesterday he wanted to 'support the fans' and had held talks with 'various supporters' groups'.

But SportTimes understands that representatives from the three main fans' bodies - the Rangers Supporters' Trust, Assembly and Association - and protest group Sons of Struth, have had no contact with the firm who have pledged their support to the Gers hierarchy at the AGM on December 19.

An RST spokesman said: "Laxey's purchase of more shares could be very significant in a tight battle.

"In the past, Laxey have been quoted as saying they will side with the fans and I think that's a sensible position to take.

"Fans are the single biggest investor in the club via ticket sales, hospitality, etc.

"Income from fans dwarfs that from other sources. It's vital that directors have the confidence of the fans, otherwise the club will not generate the money it should and investors as shrewd as Laxey will recognise that.

"Last week we wrote to Laxey giving them the result of a poll amongst our members regarding the coming AGM and offering to meet with them.

"Until today neither the Trust nor any of the other major fan organisations have had any dialogue with Laxey.

"Mr Kingsnorth did, however, inform our secretary during a telephone conversation today [Thursday] that Laxey intended voting for the current board members and that he would welcome a meeting with the RST."

Laxey's decision to vote in favour of those currently on the Rangers board retaining their places at the shareholder summit next month is a huge blow to fans who had backed calls for change by former chairman Malcolm Murray and director Paul Murray.

Rangers this week appointed former

Manchester City CEO Graham Wallace as their new chief executive while acting chairman David Somers and non-executive director Nigel Crighton have recently been added to the board, which also includes Brian Stockbridge and James Easdale.

Mr Kingsnorth said: "We will be voting for the current board at the AGM. It feels like the requisitionists have pushed the pace of change for the good and there is now a professional and competent board in place.

"This is not the old board but new, good people. Graham Wallace seems very good news. The days of wheeling and dealing seem to have passed and a professional board is in place - we want to give them a chance to get on with it."

The AGM will see the long-running power struggle between the current Ibrox regime and disgruntled shareholders come to a head.

But the declaration of support from Laxey could prove vital to the current board being re-elected by shareholders.

The opposition group, led by the two Murrays and businessman Jim McColl, require

the support of 51% of all votes cast at the AGM.

Fans bought an 11.4% stake in RIFC plc last year and their votes could still have a crucial impact while Artemis Investment Management and Hargreave Hale, who hold 15.49% of the RIFC plc shares between them, and Newcastle United owner Mike Ashley, who is also expected to back the Gers board, are the other major players.