DAVE KING has not given up his fight for Rangers after leaving Scotland without striking a deal with the Ibrox board.

The businessman returned to South Africa last night having failed to reach an agreement that would have seen him and a group of like-minded individuals plough £16million into the financially-stricken club.

King had hoped that crunch talks with chief executive Graham Wallace and chairman David Somers last week, and a conversation with Sandy Easdale, would lead to a consensus about his big-money bid.

King would have to meet Stock Market and SFA requirements before investing but Easdale, who owns around 5% of shares in RIFC plc and has proxy votes over a further 21%, continues to prove to be the main stumbling block to any deal.

The Greenock businessman controls shares for the likes of Blue Pitch Holdings and Margarita Holdings, while Mike Ashley, who recently upped his stake to 9%, represents another problem for the would-be Ibrox saviours.

King said: "An obvious further complication in Rangers' case is the seeming lack of authority of the Rangers board to make decisions without reference to key shareholders who appear to be 'the power behind the throne'.

"Prior to commencing the implementation issues referred to above, it is necessary to reach an in-principle agreement with the board that can then be put to shareholders.

"In this regard, it is important to recognise that the so-called Easdale Block represents more than 25% of the shares in issue and could, therefore, block the implementation of our proposal even if recommended by the board. Likewise, a combination of other shareholders could veto our proposal."

The King plan would see him and his fellow-fans buy into Rangers at 20p per share through the issue of new shares but that move requires the backing of 75% of the current investors at the yet-to-be-confirmed Ibrox AGM.

Earlier this month, Ashley made a bombshell bid to remove chief executive Wallace and finance guru Philip Nash from the board.

The Newcastle United supremo has emerged as a key player in the Light Blues saga but spurned the chance to speak with King to discuss Rangers' future and cash shortage.

King said: "I attempted to meet with Mr Ashley on my visit, but neither he, nor his colleague, Mr Bishop, acknowledged my request for a meeting.

"This is their right, but is unfortunate given the present concerns from supporters that Mr Ashley is using his shareholder status to put pressure on the board.

"I will make a separate announcement and appeal to fans on this topic at the appropriate time."

King stated he was 'positive' an agreement could be reached after he and George Letham met with Wallace and Somers at Ibrox last week.

Letham is one of a group of wealthy individuals with Rangers' best interests at heart that had vowed to match the £8m King had put on the table, with former Gers director Paul Murray also involved in the deal.

The news that King had returned home to South Africa without taking his bid to the next level has disappointed the Light Blue legions.

But the lifelong Rangers fan has vowed to keep up the fight in the coming months and urged the supporters to keep faith in his plans.

He said: "In any transaction of this nature, there are a number of interests to be consulted and considered.

"The board has apparently engaged constructively on our proposal while advancing its own points as to what it believes is in the best interest of the club and its shareholders.

"Sandy Easdale has, similarly, apparently engaged constructively including highlighting some concerns. I have today [Thursday] responded to these concerns in writing.

"He will now consult with his co-shareholders and hopefully revert soonest so that we can proceed to agreement and the earliest possible implementation thereof.

"We have a lot of work to do over the next few months to regain the club. I would not be here without the support of the fans and neither would my co-investors. We are going to need to draw on your support again over the coming months."