The largest shareholder of fallen Scottish giants Rangers, investment firm Laxey Partners, has sold its 16 percent stakeholding in the club, according to British media reports on Wednesday.

BBC Scotland reported that the firm had sold its stake for almost £2.7 million ($4.2 million, 3.5 million euros) to a consortium led by Scottish businessmen Douglas Park, George Letham and George Taylor.

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 another shareholder, Mike Ashley.

But he was prevented from raising his stake in the club from nine percent to just under 30 percent by the Scottish Football Association because of his dual interests as owner of English club Newcastle United.

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.