Laxey Partners has sold its 16 percent shareholding in Rangers. The investment firm was the largest shareholder in the club but has sold its stake for almost 2.7 million pounds.
Three separate trades totalling 13,299,415 shares -- the exact amount Laxey was listed as owning -- were made on Wednesday morning.
It could be Friday before the identity of the buyers is confirmed on the London Stock Exchange.
The development comes in the wake of a rescue offer by three Scottish businessman, Douglas Park, George Letham and George Taylor. They have offered the Rangers board 6.5 million pounds to underwrite a share issue which the Ibrox club need to launch in order to recoup 8.3 million pounds in losses.
The club brought in money immediately on Wednesday by selling highly-rated midfielder Lewis Macleod to Championship side Brentford for a reported 1 million fee.
The 20-year-old flew south to London on Tuesday and after passing a medical has now agreed the Griffin Road switch.
Macleod, who joined Rangers as a 10-year-old, has agreed a three-and-a-half year deal and will hook up with former Rangers captain Davie Weir, the Bees' assistant boss.
Brentford boss Mark Warburton said: "I am delighted to have secured such a young talent as Lewis. He has had an outstanding season with Rangers. ... He is a player who can play in all midfield positions, he has two excellent feet and an eye for goal. He will be an excellent addition to the playing squad and I am sure he will play a key role in the second-half of the season."
Rangers need the cash influx from Macleod's sale despite recently borrowing 3 million pounds from another shareholder, Mike Ashley.
But the Newcastle owner's plan to use a share issue to increase his shareholding to just under 30 percent from his current nine percent stake was rejected by the Scottish Football Association because of his dual interests.
Scotland Under-21 international Macleod's exit will be a major blow for caretaker manager Kenny McDowall with his side short of creativity and sitting 15 points adrift of Scottish Championship leaders Hearts following a 4-0 defeat to Hibernian on Saturday.
McDowall, though, insists he has enough in reserve to manage without Macleod.
Speaking at a news conference before the deal was completed, he said: "It would be naturally a blow to see him go. He is a talented lad and he's got the opportunity to move on, which looks like it may now be the case. It's disappointing to lose him but that is football. You have got to move on.
"Lewis is one of our top players but it is also an opportunity for someone else to come into the team and stake a claim. So nothing has changed. We are still a good team.
"It's not one player which makes our team. We have a lot of good players in that changing room. We're sorry to lose him if that is the case but we will move on."
Information from Press Association was used in this report.