Manx-based Laxey Partners says it may still buy more shares in troubled Scottish football club Rangers.

Last week, the company became the largest shareholder in the Ibrox side after buying 3.3 million shares for ?1.4 million.

Its shareholding is now 11.64 per cent of the company after the purchase last week, and means it now holds more than 7.5 million shares.

The hedge fund has a deal to buy more than 700,000 shares from the club’s former chief executive Charles Green in mid-December.