CLUB 1872 members have approved a £500,000 share purchase that will allow the Rangers supporter's organisation to become the fourth largest shareholders at Ibrox.

The deal will see Club 1872, currently the sixth most significant stakeholder, buy 2.5million shares in RIFC plc and increase their holding by one per cent to 6.47 per cent.

The poll was backed by 99.4 per cent of the members that voted as funds set aside for projects was sanctioned to be used for the purchase.

Rangers announced losses of £11million last week and Dave King will chair the Light Blues' AGM in Glasgow later this month.

Club 1872 were previously involved in the £1million deal that saw Mike Ashley sell off his stake at Ibrox and director Laura Fawkes is pleased to plough more money into Rangers.

Fawkes said: "We would like to thank all our members who made this major share purchase possible. Club 1872 has now provided £1.5m in funding directly to Rangers over the past 14 months and, in doing so, managed to maintain our position amongst the major shareholders in RIFC.

"This is despite the massive levels of investment into the club over the past few years from Dave King and other investors. Our aim now is to continue to grow the organisation and remain amongst the major shareholders for years to come.

“This level of participation would not have been possible without the fantastic support of our members and we hope that this purchase can once again demonstrate the potential of Club 1872 to the wider support.

"We would urge supporters who have not yet signed up to Club1872 to do so and to allow us to continue to grow the supporters shareholding and contribute even more to the club in future years. We have only scratched the surface of what can be achieved for Rangers through Club 1872.

“Club 1872 is the only viable vehicle for supporters who see the value and security which a major supporter shareholding provides for Rangers both now and in the years to come. It is also by far the best way for Rangers fans to support the club financially outside of traditional methods such as ticketing and merchandise.”