DAVE King has accused the under-fire Rangers board of "running scared" after the Ibrox club announced they would hold an EGM in London on March 4.

 

Major shareholder King, who called for the general meeting last month, is hoping to oust all four current Gers directors.

He wants chairman David Somers, chief executive Derek Llambias and directors James Easdale and Barry Leach to be removed.

He believes he has enough backing from his fellow stakeholders to install himself, former director Paul Murray and brewery boss John Gilligan in their place.

But in a lengthy statement to the AIM Stock Exchange yesterday afternoon the current board tried to discredit the South Africa-based businessman.

It highlighted the £40 million tax bill the Scot was forced to pay the South African authorities back in 2013 after a bitter 11 year legal battle.

The statement also listed descriptions of the financier as "mendacious" and a "glib and shameless liar" by a judge during that high-profile case.

And it revealed that nominated financial advisor WH Ireland had warned there could be an "adverse impact" on the club's stock exchange listing if he was appointed to the board.

However, King had dismissed fears about his status as a "fit and proper" person with the stock exchange and the SFA at a lengthy media briefing on Wednesday.

He stressed that if there were any issues with him being appointed as a director he would stand back and allow somebody else to take his place on the board.

He said: "I stated that Paul Shackleton's historic role in governance failure rendered the Nomad unfit to continue- hence they will not need to resign, they will be replaced. Hence nothing new there."

Rangers have raised eyebrows by revealing that the general meeting with held at the Millennium Gloucester Hotel in London on March 4.

Former director King, who ploughed £20 million of his personal fortune into Rangers during Sir David Murray's reign, believes that shows the board are afraid of the outcome.

He said: "I think choosing London is to ensure that fans can't attend. They are running scared!"

King is "very, very confident" he has the backing he needs from institutional investors and other wealthy fans in order to seize power.

Rangers fans chief Chris Graham called for the board to save the Ibrox club the cost of staging the EGM by resigning en masse earlier this week.

But the directors clearly intend to fight for their survival - and have recommended that shareholders vote against all of the resolutions.

As well as listing the 41 breaches of South African tax laws that King was convicted of in a statement that was nearly 4,000 words in length, they outlined their strengths.

The statement praised Llambias for his work during his time in charge of Newcastle United - the Barclays Premier League club run by Sports Direct owner Mike Ashley.

The statement read: "One of Derek's most successful and talked about transfers was that of Andy Carroll, originally a NUFC academy player, to Liverpool for £35 million."

It continued: "The board believes financial stability and an end to factionalism are crucial for the future success of Rangers Football Club.

"The directors believe they are now on the path to achieving that."

Rangers fans will hold a mass protest outside the front door of Ibrox before the Scottish Cup fifth round match with Raith Rovers tomorrow afternoon.