Rangers chief executive Charles Green says he is happy with the outcome of the club's share flotation.
Green, whose company bought the assets and business of Rangers for £5.5m when the club was consigned to liquidation in June, has revealed the bulk of the shares have been purchased by City investors.
The listed company - Rangers International Football Club plc -will act as the holding company for the Scottish third division club, with Green listed as the main shareholder with a stake of almost 15%.
Despite falling short of the £10m worth of shares he had set aside for fans to buy a stake, Green, who already had £17m worth of investment nailed down, is convinced the flotation will prove a success.
"The institutional community have invested heavily. We've taken £17m already from institutions and that list is out there public; it's the great and good of London," he said.
"For me as chief exec the really important endorsement is that of the financial community who have come out in support of it.
"All football clubs are high risk and there's been a history of failure to deliver.
"We know that football clubs historically haven't performed very well, but Rangers is an institution, it's a major sporting brand and we think that makes a difference."
Rangers boss Ally McCoist backed the club's owner in singing the praises of the Ibrox faithful.
"It was a great day off the park," he said. "The fact it's in the region of £22m, and for the fans to chip in with roughly £5m, is absolutely staggering."
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