The Rangers power struggle has taken a fresh twist after the club announced David King has snapped up almost 15 percent of the club.
Just two days after it was confirmed the Three Bears group had bought out the club's biggest shareholder Laxey Partners, South Africa-based former oldco director King has now made his move.
A statement to the London Stock Exchange said: "The Company was informed on 2 January 2015 that New Oasis Investments Limited ("New Oasis"), a Company 100% owned by the Family Trust of Dave King, acquired 11,869,505 Ordinary Shares in the Company on 2 January 2015.
"Following the transaction, New Oasis will be interested in 11,869,505 Ordinary Shares in the Company, representing approximately 14.57% of the Issued Share Capital."
Artemis Investment Management LLP -- who have offices in Edinburgh -- and the London-based Miton Group have both confirmed to Press Association Sport that they have handed King their shares.
King offered the club a 16 million-pound investment package two months ago but was rebuffed by chairman David Somers, who claimed the Castlemilk-born millionaire had failed to reveal his backers or provide proof of funds.
News of his latest move comes just hours after the Rangers board welcomed the purchase of 13.3 million shares by millionaire businessman Douglas Park's Three Bears group.
Laxey Partners sold its 16 percent stake to Park and his associates George Letham and George Taylor.
Laxey chairman Colin Kingsnorth claimed he was handing the shares to the three wealthy supporters so they could lead the fight against Mike Ashley's Ibrox involvement, after labelling Somers a "wet fish."
But despite Somers and director James Easdale's backing for the Newcastle owner in those recent investment talks with King, the board said it is looking forward to working with Park and co.
A 7 a.m. statement to the Stock Exchange on Friday morning said: "The company has been informed that on 31 December 2014, George Taylor, Douglas Park and George Letham acquired 5,000,000, 5,000,000 and 3,299,415 ordinary shares of 1p each respectively, representing 6.14%, 6.14% and 4.05% of issued share capital.
"The board of Rangers is delighted that George Taylor, an existing significant shareholder, and George Letham, who provided the company with a credit facility in 2014, together with Douglas Park have demonstrated their commitment to the company through this purchase. The directors welcome their continued enthusiasm towards contributing to the future success of the company and club."
However, the future of the club could still depend on whether Ashley is allowed to tighten his iron grasp on the Glasgow giants.
Rangers are desperately short of money and need to raise 8.3 million pounds before April 1 if they are to stay afloat.
Things got so bad, they were forced to offload Lewis Macleod to English Championship side Brentford on Wednesday for an "undisclosed fee."
In a separate Stock Exchange notice, the club also announced the proceeds of the sale -- understood to be just under 1 million pounds -- will be used to keep the lights on for a few more weeks.
It said: "The board of Rangers announces that on 30 December 2014 Rangers Football Club entered into an agreement to sell a player, Lewis Macleod. The proceeds of the sale will be used for immediate working capital needs during the next few weeks while the directors, in consultation with the company's major shareholders and third parties, seek a long term and stable financial solution for the club."
While the Three Bears and King are now positioning themselves to ride to Rangers' rescue, they may find opposition from Ashley.
The Sports Direct businessman owns an 8.92 percent stake in Rangers and controls the Glasgow giants' retail division. But the 3 million pounds emergency loan he handed the board late last year has effectively given him control of the club.
He has already placed former Newcastle managing director Derek Llambias onto the board and named him chief executive -- and still holds the right to pick a second director.
However, the Scottish Football Association has already blocked Ashley's attempt to raise his stake to 29.9 percent after ruling it would breach "dual ownership" regulations.
Ashley's next move, however, could prove crucial to the club's future.
Motor group boss Park has had his wealth previously estimated at 78 million pounds, while Letham -- who sits on the board of the Rangers Supporters Trust (RST) -- already loaned the club 1 million pounds last year.
Taylor, meanwhile, bought a 3.2 percent stake in the club last month -- meaning the consortium is now in control of 19.5 percent of Rangers.
The trio have already lodged a 6.5 million-pound offer to underwrite a share issue with the club's board. In return, they want two seats on the Rangers board.
King -- who lost 20 million pounds when the club was liquidated in 2012 -- has also left his 16 million-pound offer on the table.
Neither the Three Bears or King's share purchase will see cash flow into Rangers' coffers but it will allow them to participate directly in a share issue expected to take place early in the new year.
A motion at last month's AGM which would have allowed the club to raise new shares and offer them to new investors before existing shareholders was controversially defeated.
Meanwhile, supporter groups say the latest developments in the Ibrox power struggle have sparked an increase in interest from supporters backing fan-ownership schemes.