Rangers Shareholder Richard Hughes Sells 2 Million Shares, Makes Profit Of $818K
A Rangers shareholder "is believed to have made a profit" of around £500,000 ($818,000) after selling more than 2 million shares in the club, according to the SCOTSMAN. Richard Hughes, the co-founder of Zeus Captial -- the firm at the center of Charles Green's takeover in '12 -- "had paid 1p for each of the shares, but is thought to have sold his stake when prices reached 24p per share on Tuesday." The sale came on the same day as Damille Investments II Ltd. bought £2M ($3.3M) worth of shares in Rangers, handing them a 3% stake in the Ibrox club. Hughes "is reported to have performed an important role in securing the purchase of the club's assets" for £5.5M by the Sevco consortium in Feb. '12. But former Sheffield United CEO Green "quit the same role at Ibrox amid allegations of his involvement with former Rangers Owner Craig Whyte and following alleged racist comments made about former Ibrox Dir Imran Ahmad" (SCOTSMAN, 1/16). In Glasgow, Keith Jackson reported Damille "bought the holding" from Hughes. The company -- described as a turnaround specialist -- is headed up by two execs, Brett Miller and Rhys Davies, and promises to "optimise balance sheets and align management and shareholder interests" (DAILY RECORD, 1/16).