Rangers: Dave King continues talks with Ibrox board

By Alasdair LamontBBC Scotland
Ibrox Stadium
King is offering a funding package in return for a controlling interest on the board

Dave King has told BBC Scotland that his discussions with Rangers continue.

The former Ibrox director has submitted a funding offer, which is dependent on a new share issue being approved at the club's annual general meeting.

With 75% shareholder support required, King needs backing from at least part of a group for whom Sandy Easdale currently holds voting rights.

However, indications are that the group, who collectively own more than 26%, is unlikely to be fragmented.

Asked about that, King replied: "It is essential they are on board", adding that "we will know soon enough" if there is a prospect of that happening.

South Africa-based King met some of the board last Tuesday to detail his proposal, some of which would be a loan, with the majority to go in as part of a new share issue.

He has been speaking to some of the Championship club's bigger shareholders but expects the board to do likewise and assure him he will get that 75% before he commits any money.

Laxey Partners are Rangers' biggest shareholder with 16%, while Newcastle owner Mike Ashley, who owns 9%, is trying to remove the chief executive Graham Wallace and the finance director Philip Nash.

Rangers are required to hold an AGM before the end of the year.

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