Kieran Prior, a London-based city trader, has purchased a 1.2 per cent stake in Rangers FC, reports www.sportspromedia.com/ The 34-year-old, a former Goldman Sachs trader, runs private equity firm Pri Arc.

He purchased 785,000 shares in the club, which will start the 2013/14 season in Scottish soccer's third tier, for a reported sum of £400,000.

According to the Daily Record newspaper, Salford-born Prior purchased the shares with a view to extending his holding to between five and ten per cent.

"I can confirm I've purchased 1.2 per cent of the club and I plan to increase my stake in the next 24 hours, subject to supply," Prior told the Daily Record. "I've put my money where my mouth is.

"I understand the scepticism by fans around my appearance on the scene, given the way they've been mistreated in the past. However, it's my aim to instil a degree of confidence among the supporters and I've done what I said I would do.

"I'm no knight in shining armour but now I can look inside the club and ask questions to which the fans deserve answers to. This is a situation that has arisen through unfortunate circumstances at the club, which is breeding an investment opportunity. I need to know what's going on inside and wanted to buy enough equity to give me a voice. I'm in this for the long term."