The largest shareholder of fallen Scottish giants Rangers, investment group Laxey Partners, confirmed on Wednesday that it has relinquished its 16 percent stake in the club to a consortium.
The Isle of Man-based group said it had sold its stake to a consortium led by Scottish businessmen Douglas Park, George Letham and George Taylor in order to counter the influence of rival shareholder Mike Ashley.
British media reports said that the consortium, known as the 'Three Bears', had paid almost £2.7 million ($4.2 million, 3.5 million euros) to secure the shares.
"I sold because a fans-based group were hopefully going to be the best placed to take on Ashley's power," Laxey Partners chairman Colin Kingsnorth said, according to Britain's Press Association.
"After Ashley removed (Laxey board member) Norman Crighton, Ashley's most vocal critic, it was obvious (Rangers chairman) David Somers was just a wet fish agreeing anything Ashley wanted.
"I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands."
Taylor bought a 3.2 percent stake in Rangers last month, meaning the 'Three Bears' now control 19.5 percent of the club.
The consortium recently offered the Rangers board £6.5 million to underwrite a share issue that the Glasgow club need to launch in order to recoup £8.3 million in losses and stay afloat.
Rangers recently borrowed £3 million from Ashley.
But he was prevented from raising his stake in the club from 8.92 percent to just under 30 percent by the Scottish Football Association because of his dual interests as owner of English club Newcastle United.
In a bid to raise funds, Rangers on Wednesday sold promising 20-year-old midfielder Lewis Macleod to English second-tier club Brentford for an undisclosed fee believed to be in the region of £1 million.
Rangers are without a manager at present after Ally McCoist resigned earlier this month.
The 54-time Scottish champions were relegated to the fourth tier of Scottish football in 2012 after going into administration.
They are currently in second place in the second-tier Championship, 15 points behind leaders Hearts.
Source: AFP