A former commercial director at Rangers today failed in a bid to ring fence cash at the Ibrox club ahead of his bid to secure a £500,000 payout.

Imran Ahmad, whose employment with the Glasgow club was terminated last year, maintains that he is due the bonus money in an action being contested by Rangers.

Ahead of a four-day hearing of evidence and legal submissions due to begin on April 1 at the Court of Session in Edinburgh his lawyers sought to freeze a sum of cash.

But Lord Tyre rejected the motion for arrestment following an opposed hearing.

The judge said he was satisfied that a case at first sight had been made out based on a contractual term, a letter from former chief executive Charles Green and an acknowledgement that some work had been done.

But he added: "I readily acknowledge there is a great deal to argue about at the proof."

The judge said that he was not satisfied that there was a real and substantial risk that enforcement of any court order if Ahmad succeeded in his claim would be prejudiced by insolvency.

Lord Tyre said that the finances of a company such as Rangers were cyclical and there is a dip at this time.

But he found no clear evidence in what had been placed before him that there has been a deterioration in the position since June beyond any cyclical effect.

The judge said he would not regard it as reasonable in all the circumstances to grant a warrant at a time when Rangers has received a pounds 1.5 million working capital injection to take a third of that out of circulation.

More to follow.