Standard Sport understands that the fee is around £750,000. It is a long way from the club's record transfer fee of £2.75million for Mike Sheron in 1997 but it is the most they have paid
for a player since Gerry Francis bought Richard Ord from Sunderland for £650,000 in 1999.
Rangers were tight lipped today about how they were able to afford
Davies. Chief executive Mark Devlin said he was "grateful to a number of our shareholders who have supplied the funds to enable us to buy a player of this calibre".
Davies' signing is a clear statement of intent and the fee is a sizeable sum for a club that have only recently emerged from dire financial straits.
Despite fresh investment from two Monaco-based consortiums over the last six months, Rangers are still cutting costs after losing more than £4m over the past two financial years.
