But because Hughes - who was part of the Charles Green consortium that bought the club - paid just a penny for his shares, he still made a profit of around £500,000.
It is transactions like this which have really noised up Gers supporters in recent times - and rightly so.
An awful lot of people have made an awful lot of money out of Rangers, and then just disappeared.
And they have left behind a club that is now facing serious financial difficulties.
Green always said that he was a businessman and that he was simply getting involved with Rangers to make money for himself and his associates.
He certainly did that. The Yorkshireman and his pals are all far richer men than they were before they came on board. But it rankles that they have made money in the manner that they did.
They gave themselves huge tranches of 1p shares, sold them and left behind a club that is suffering.
We can, I suppose, at least be grateful that certain individuals are no longer involved with the running of Rangers.
When I look back on my time at Ibrox we had men like John Lawrence and other prominent Glasgow businessmen on the board.
They were very wealthy - but they had no interest in making money out of their involvement with the club.
They were Rangers through and through. They were just honoured to be involved with the club. They were only interested in making sure it was a success. Perhaps I'm old-fashioned, but I think that is what somebody who is on the board should be about.
That was certainly the way the club was run until very recently. All of a sudden Rangers have had a succession of chairmen, chief executives and directors whose background and whose motives are uncertain.
People have been far more concerned with getting rich quick than with driving the club forward.
But I am hopeful that the current board, with Graham Wallace at the helm, will be able to transform fortunes, despite the bombshell news that the players have been asked to take a 15% pay cut.
But they have to secure more investment in the club and they have to do this quickly. There are directors there who have contacts in the City and hopefully fresh cash will be forthcoming.
gUERNSEY-BASED Damille Investments Limited have bought £2million of shares to take a 3% stake.
I'm sure nobody involved with Damille is a Gers fan. They are also in it, as many others have been before, to make money. But that is the way of business and sadly that is the way football is going increasingly.
Unlike Blue Pitch Holdings and Margarita Investments, though, we know exactly who is behind Damille.
They too have snapped up their shares for a fraction of the price they were initially sold for.
Hopefully they will help to drive the club forward both on and off the park.
As Wallace drives through cuts, the players know they will not be exempt from painful decisions. However, they are within their rights to hold Gers to their contracts.
Without doubt, there are difficult times ahead. It beggars belief given they had over £20m in the bank 12 months ago. Hopefully with certain individuals off the scene, things can be turned around.