Businessman Sandy Easdale has bought Charles Green's stake in Rangers, with the former chief executive to have no further dealings with the club.
Greenock-based Easdale, who runs McGill's Bus Service with his brother, said Green had given him the "first option" to buy the shares.
Incidentally, his brother James is a non-executive director, with Green citing there had been "continued speculation and constant enquiries" about Green's shares.
"Between my family holdings and through other supporting investors I now have the largest shareholding," he said.
The sale of his shares ends a saga which has rumbled on since Green was in charge of the consortium that bought Rangers last year. However, Green stepped down as chief executive after allegations about his relationship with former Rangers owner Craig White.
Once the allegations were proved to be ill founded, Green was brought back to the club on a consultancy basis, angering most Rangers fans as well as several board members.
The pressure from the terraces and upstairs proved to be too much however and he agreed to step down again just a few weeks later, putting his shares up for sale.
In a brief statement, green said: "Over the last few months numerous individuals and corporate bodies have expressed interest in obtaining my shares, although much of this was to solicit press coverage and attract attention,"
"Sandy said he would buy them and he has. I knew he would and he will do what's best for Rangers now he has a more substantial percentage."
"I want to make it clear that this means I will have no ongoing influence or financial interest at the club but I remain a fan and fervently hope that Rangers will soon be back at the top where they belong."