AS has been the case so often at Rangers in the last few years, what the future holds for the club is unclear.

It emerged yesterday that Mike Ashley, the billionaire owner of Sports Direct, has called for an EGM at Rangers.

The Newcastle United owner is bidding to have chief executive Graham Wallace and director Philip Nash removed from their positions.

Hours later the club hit back with a statement to the Stock Exchange which said: "The board is united in its support of the executive team."

Now Rangers International Football Club Plc (RIFC) is in the process of verifying if the notice is properly constituted.

If it is, they will recommend that the club's shareholders reject the motion.

Yet Ashley, who increased his personal stake in the troubled Glasgow institution to 8.92% earlier this month, is nobody's fool.

Anyone who can secure the lucrative naming rights to Ibrox stadium for an outlay of just £1 can't be daft.

No, the enigmatic English businessman would surely not make such a bold move unless he was pretty sure about the outcome.

He requires the backing of 51% of shareholders to succeed with his aim.

You would not bet against him getting it.

Ashley has formed an alliance with Gers' football board chairman and shareholder Sandy Easdale as the battle for control of the club has intensified in recent weeks.

Bus company owner Easdale owns 5.21% of RIFC and has proxy voting rights for a further 20.94% - which includes the mysterious Blue Pitch Holdings and Margarita Funds Holding Trust.

If major shareholders Laxey Partners, who own 16.32% of the company, decide to back the Ashley and Easdale camp, it would be significant.

Their combined stake would be 51.39%.

Of course, nothing can be said with any great certainty at a club that currently does not have enough funding to get to the end of the season.

Norman Crighton, widely regarded as "Laxey's man on the board", was one of those directors supposedly "united" in support of the executive team of Wallace and Nash.

As for that matter was, so the statement insisted, fellow director James Easdale, the brother of Sandy.

So will Laxey's, the Isle of Man-registered hedge fund, support Ashley? Or will they back former Manchester City chief executive Wallace and the ex-Arsenal and Liverpool financial officer Nash?

If Ashley does oust the pair his involvement will, judging by the negative response to his plans online so far, not go down well with many Rangers supporters.

BUT why exactly is that? He would, at first glance, seem to possess many of the qualities the long-suffering fans of the Light Blues have been looking for at the helm of their club.

Massively wealthy? Check. Proven business acumen? Check. Previous involvement in a major football club at a high level? Check.

Ashley certainly can't be compared to many of those -the likes of Craig Whyte and Charles Green - who have held prominent positions in the Ibrox boardroom of late.

But the fact Ashley bought his latest tranche of shares from existing stakeholders Hargreave Hale - instead of investing in the most recent RIFC share offering - has not been well received by a lot of Rangers supporters.

Why, many of them have asked, could the billionaire not have put his money directly into a troubled club that is in desperate need of an injection of working capital?

Ashley's close association with Sandy Easdale has also not endeared him to many followers of the SPFL Championship club.

Despite loaning Rangers £500,000 of his own fortune to keep them afloat last season, the Greenock-based businessman is not popular with many fans.

Another factor in the discontent of the Gers faithful is that Ashley's involvement in their club appears to be strictly financial. They believe he has no emotional attachment to Rangers but simply wants to protect his interests.

The sportswear tycoon has a significant business tie-up with the Ibrox side - allegedly one of the "onerous" contracts that former chief executive Charles Green arranged in his time in Glasgow.

Dave King, the South Africa-based businessman from Castlemilk who is reported to have been in talks with the club, is a lifelong supporter and would be the preferred option for many fans.

King, too, is believed to have been in talks with Wallace in recent weeks about a deal that would prevent a second administration event at Rangers. Yet if Ashley invests significant sums of money in the club - as somebody is going to have to do to get it to the end of the season - could the perception of him change among the support?

THE 50-year-old businessman, who reportedly has a £3.75 billion fortune, spent £134 million to gain control of Barclays Premier League club Newcastle United.

It would require a fraction of that amount to make a massive difference to Rangers as they bid to return to the forefront of Scottish football.

If Ashley was to finance the signing in January of players who could boost their chances of winning promotion to the Premiership, would fans still be unhappy with his presence?

It is highly doubtful they would be clamouring for his removal if he was actively helping to revive their on-field fortunes.

Tearing up the naming rights to Ibrox Stadium would also go down well with fans who are concerned about the future of the listed building.

The rumour mill has gone into overdrive and it has been strongly suggested he would be prepared to loan Rangers a sizeable sum to let them further their short-term ambitions.

It is something he has done at Newcastle, where he has loaned United over £100m.

But is saddling Rangers with huge debt, irrespective of the friendliness of the terms, the way forward?

Especially when Dave King has publicly stated he is prepared to put in up to £50m without taking anything back.

Newcastle fans dislike Ashley due to their lack of footballing success - despite ensuring the club has recorded a profit in the last three years.

There are also potential complications with Uefa about dual ownership rules and Ashley has refuted claims he'll sell up at St James' Park in the near future.

Of course, nobody is very sure of what Ashley's intentions are.

He does not give interviews and is an impossible individual to second guess.

But one thing is certain - he will have to work hard to gain the trust of a highly sceptical Rangers support.