RANGERS director Paul Murray has revealed the Ibrox club has terminated the contracts of former chief executive Derek Llambias and finance director Barry Leach.

He was speaking after major shareholder Dave King, who was passed as "fit and proper" by the SFA on Tuesday, was appointed chairman.

Llambias and Leach, the two remaining directors, were ousted at an EGM called by South Africa-based businessman King at the beginning of March.

However, the pair, close associates of Sports Direct tycoon and Newcastle United owner Mike Ashley, had remained on the payroll at Ibrox as senior executives since then.

Murray, who has stepped down as interim chairman, confirmed the SPFL Championship club had severed ties with both men.

He said: "We have terminated the contracts of Derek Llambias and Barry Leach. They have now left the company as of this week."

Rangers suspended Llambias and Leach, as well as football board chairman Sandy Easdale, the week after the general meeting and launched an internal investigation into their conduct.

He added: "I can't go into that (the investigation). It's a confidential situation. Suffice to say we have terminated their contracts."

Meanwhile, King, who it has emerged has loaned Rangers another £1.5 million for working capital, has estimated the Ibrox club needs £30 million to return to the forefront of Scottish football.

And the 60-year-old Scot, who invested £20 million of his personal fortune during the Sir David Murray era, has pledged to provide at least half of that.

He said: "We're going to require funding over the next couple of years way beyond fans' season ticket money and retail income.

"There is a short-term funding plan which we are putting in place immediately and there is also a longer-term plan.

"We need to have a rights issue. That would happen over the next couple of months. We will see Rangers in a much more robust financial state than it is at present."

King added: "I think £30million is the gap shareholders will need to put in. We are determined to get there and we are determined to get the club back to where I think we should be.

"I would provide 50 per cent of funding and the other shareholders would provide a further 50 per cent. That is the commitment as it stands today."