THE Rangers board have delayed plans to list on the ISDX market until after criminal proceedings against Charles Green, Craig Whyte and others have been concluded.

They have also confirmed that chairman Dave King and the Three Bears - Douglas Park, George Letham and George Taylor - will continue to provide loan funding to cover any cash shortfall.

King and director Paul Murray have previously spoken about their intention to list Rangers International Football Club plc once again but the plan has been put on the backburner for now.

Glasgow Times: Rangers chairman Dave King

Accounts for RIFC plc will be released in the coming days and King and the Three Bears will look to convert their loans into share capital in the future, a plan that would require the backing of 75% of shareholders at Rangers' AGM.

King this week launched a scathing attack on Sports Direct, the company run by controversial Ibrox shareholder Mike Ashley, and the board have now provided an update to supporters on their funding blue print.

A Rangers statement read: "After careful consideration the Board has determined that it is not appropriate to proceed with a share issue and listing on the ISDX market until the criminal proceedings being brought... are concluded.

"The Board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the Group will be made available as and when required from the existing shareholder / lenders.

Glasgow Times: Rangers directors Paul Murray, left, and John Gilligan.

"Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis.

"The facilities to be made available more than cover the projected shortfall for this Season and beyond. The Board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case by case basis in accordance with prior statements.

"The Group’s accounts will be circulated to shareholders for approval in the next few days.

"The lenders have indicated that, at an appropriate juncture, they would be prepared to convert their loans into share capital. To facilitate this, a resolution will be presented to the AGM to permit shares to be issued by RIFC on a non pre-emptive basis.

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"The Board would like to see this resolution passed but this is not a condition of funding being made available. The resolution will be a special resolution and would require the support of 75% of those shareholders voting at the AGM.

"The Board recognises that funding of the sort being provided by its shareholder / lenders would more naturally be made available as an equity investment and believes it would be in the best interests of RIFC’s shareholders if the loans could be converted."