BBC Scotland can reveal that a Dubai-based businessman is currently the single largest shareholder in Rangers.
Arif Naqvi, chief executive of private equity firm Abraaj Capital, owns just under 18% after agreeing to invest £2m back in June.
Naqvi is the man behind Blue Pitch Holdings, but BBC Scotland understands that he has a personal holding in the club.
Rangers boss Ally McCoist also owns a stake in the club.
McCoist has stake of around 4.5% in Rangers
Newcastle owner Mike Ashley is expected to announce his £1m investment next week, securing around 9% of the club.
The way was paved for that investment after Rangers ripped up their deal with retailers JJB Sports in favour of Ashley's Sports Direct company.
Charles Green took control of the club on 14 June, announcing his intention to secure a number of investors from across the globe.
He has always insisted that no one individual will own more than 15%.
Other investors include Imran Ahmad and Richard Hughes, from Zeus Capital, who own 9.8% each,
Gers boss McCoist has also bought into the consortium and owns a share of about 4.5%.
Scottish-based businessman Ian Hart, who was part of the Blue Knights group, has a shareholding of 1.3%.
The shares will be diluted, though, after Green launches an IPO share issue allowing fans to buy into the club.
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