GLASGOW Rangers have received a massive boost with the biggest single investment in British football. Bahamas-based Joe Lewis, who has a GBP1 billion fortune, has sunk GBP40 million in the Scottish club to take a 25 per cent stake at Ibrox. Britain's eighth-richest man wants to help launch the Glasgow club towards the new millennium and a place in the European Super League that everyone agrees is just around the corner. Rangers' chairman, David Murray, retains a controlling interest, but has diluted his holding from 82 to 61 per cent, with the GBP40m to go towards strengthening the team, including new signings from abroad like Sebastian Rozental. The building of a hotel and leisure complex at Ibrox and a training ground is also earmarked for some of the investment. The 59-year-old Lewis, an enthusiastic gambler who shuns publicity, bases himself in a GBP15m mansion in the Bahamas, but also moves between homes in Florida, Buenos Aires and London. Apart from what is said to be a fondness for betting on American football, he is not known to be a sports fan. In the last few years he has emerged as a large investor in the London art market, building up a 29 per cent stake in Christie's International, the auctioneers. The announcement took the value of Rangers soaring to a reputed GBP160m, with the club looking to follow Manchester United and Tottenham Hotspur on to the stock market before the end of the century. 'I have consistently stated that I do not believe it is appropriate to float Rangers until the uncertainties arising from Bosman, pay-per-view television and the expansion of European club competitions are resolved,' Murray said. 'I am delighted to have raised GBP40m of new capital from a single investor at this time, providing us with the financial strength to develop the club further while these changes take effect. 'I believe that Rangers are now in a much stronger position to realise our ambitions for footballing and commercial success.' Murray bought control of Rangers for around GBP6.5m in 1988 and has seen the team win the Scottish championship every season since. In the year to May 31, 1996, Rangers achieved a turnover in excess of GBP30m and a profit of GBP7.1m.