King hopes to push through Rangers bid

Pic: Jeff Holmes

Former Rangers director Dave King has returned to Ibrox in a bid to push through a rescue bid for the crisis-hit club.

The South African-based businessman was pictured leaving the stadium after flying back to Scotland for talks with the League One champions' board.

King has been engaged in a long-running battle for control with the ruling regime at Ibrox and has recently found himself faced with a fresh rival in the shape of Newcastle United owner Mike Ashley, who has increased his stake in the Glasgow outfit to nine per cent.

But last week it was revealed he had teamed up with another ex-director Paul Murray and wealthy supporter George Letham to launch a £16million investment plan.

Asked if he was optimistic his bid would be accepted, he said:

"Yes we are.''

Earlier this year the Castlemilk-born millionaire - who lost £20million when the Light Blues were liquidated in 2012 - vowed to plough another £30million into the club in return for a controlling stake.

His rescue plan has been privately backed by chief executive Graham Wallace, while Sandy Easdale - the chairman of the club's football board - wants to forge ahead with his Ashley alliance.

Clyde Sport understands neither Sandy Easdale nor his brother James were at Tuesday's meeting following a family bereavement.

King was last seen in the city back in March when he met with Sandy Easdale, who owns 5.21 per cent of the club and holds proxies for another 20.94 per cent.

He vowed then that he would not leave Scotland until the two sides came up with a definite game plan'' for the future of the Ibrox club.

But an agreement failed to materialise as the Easdales refused to agree a deal.

Since then, Sports Direct tycoon Ashley has increased his influence at Ibrox while the club stumbles from one crisis to another.

An emergency share issue brought in just £3.19million last month and the club will need to sell off fresh stock again before the end of the year in order to pay December's wages.

Ashley, who has already struck a seven-year retail deal to sell the clubs' merchandise, left the club's supporters outraged when they learned he had bought the stadium naming rights from former chief executive Charles Green for just £1.

His latest move was announced last week when he called an emergency shareholder meeting to vote on the removal of Wallace and fellow director Philip Nash from the board.

That seems to have sparked King's latest visit as he steps up his own attempt to finally take command at Ibrox.

Rangers declined to comment when contacted for a reaction to Tuesday's meeting.