GLASGOW - Rangers remain in the grip of a major power struggle after the fallen Scottish giants announced David King had purchased almost 15 per cent of the club on Friday.
Just two days after it was confirmed the Three Bears group had bought out the club's biggest shareholder Laxey Partners, South Africa-based former oldco director King has now made a fresh move to wrestle control of the Ibrox outfit.
King offered the second-tier club a £16 million ($24 million) investment package two months ago but was rebuffed by chairman David Somers, who claimed the millionaire had failed to reveal his backers or provide proof of funds.
News of King's latest move comes just hours after the Rangers board welcomed the purchase of 13.3 million shares by millionaire businessman Douglas Park's Three Bears group.
Laxey Partners sold its 16 per cent stake to Park and his associates George Letham and George Taylor.
Laxey chairman Colin Kingsnorth claimed he was handing the shares to the three wealthy supporters so they could lead the fight against Newcastle United owner Mike Ashley's Ibrox involvement.
However, the future of the club could still depend on whether Ashley is allowed to tighten his grasp on the financially stricken Glasgow club.
Rangers, who were relegated from the Scottish Premiership in 2012 as punishment for going bankrupt, are desperately short of money and need to raise £8.3 million before April 1 if they are to stay afloat.
They were forced to sell Lewis Macleod to English Championship side Brentford on Wednesday for an undisclosed fee, reported to be just under £1 million, in a bid to keep the club running for a few more weeks.
While the Three Bears and King are now positioning themselves to ride to Rangers' rescue, they may find opposition from Ashley.
The Sports Direct businessman owns an 8.92 per cent stake in Rangers and controls the Glasgow giants' retail division. But the £3 million emergency loan he handed the board late last year has effectively given him control of the club.
He has already placed former Newcastle managing director Derek Llambias onto the board and named him chief executive - and still holds the right to pick a second director.
However, the Scottish Football Association has already blocked Ashley's attempt to raise his stake to 29.9 per cent after ruling it would breach dual ownership regulations.
AFP
