PAUL Murray has revealed Dave King has provided a further £1.5m loan to provide working capital for Rangers.

 

The Ibrox director held a news conference alongside prospective new chairman King, who was deemed to be a "fit and proper" person by the Scottish FA this week.

King discussed the potential level of investment needed for the Govan side, their relationship with Mike Ashley and Sports Direct as well as their plans for the football side of the club.

He said there had been additional investment.

He added: "There will be further investment made as well in the coming days. As I said before, because of the share structure and the de-listing, there's obviously technical issues.

"You can't just issue shares tomorrow and so we have to provide that by means of short-term funding.

"Another £1.5 million was invested in to the club. Just as working capital."

King said he did not have a figure on his own investment. He added: "It's really going to depend on meeting the objectives for the club.

"I'm not really viewing it in that sense. It's not something that is taxing my mind at all.

"My concern is that I'm in a fortunate position to do it.

"I've already lost £20 million and I'm expecting to invest more than that. But it's not to a level of something that's getting attention from my family and their future life being threatened."

Promotion to the Premiership will alter level of investment needed in Rangers

Discussing Mike Ashley's call for an EGM as well as his £5m loan paid back, King says he doesn't view the Newcastle owner as a threat to the club.

He said he expected a general meeting to be held but called the event a "nonsense" and a "non event" before adding that shareholders could not vote to pay the loan back.

He said the board would make a decision "in the best interests of the club".

King said: "For shareholders to give a mandate or an instruction to the board requires a special resolution and the board faced with a special resolution. This is not a special resolution, it's just an ordinary resolution."