With Dick Advocaat, Alex McLeish and Walter Smith as manager, they challenged for, and regularly won, the three main domestic trophies in Scotland.
The Light Blues also competed at the highest level in Europe, qualified for the knockout stages of the Champions League and reached the Uefa Cup final.
So it could have come as a shock to King when he turned up to watch the team he grew up in Glasgow supporting for the first time in some years at the weekend.
Attending the SPFL League One match against East Fife at New Bayview in Methil would have driven home just how far his boyhood heroes have fallen.
It was not exactly Real Madrid in the Bernabeu. Yet, it is unlikely the experience will have deterred the multi- millionaire businessman in his quest to help the Glasgow giants reclaim their former glories.
If anything, the outing on Saturday may have strengthened the Scot's resolve. For there was much for him be encouraged by both on and off the park.
Ally McCoist's side successfully wore down the stubborn resistance of the home side - the teams had gone in at half-time level at 0-0 -to triumph 4-0.
Much of their play as they recorded their 10th-successive victory in the league and kept alive their hopes of a "Perfect Season" was impressive.
Striker Jon Daly certainly took his second half hat-trick - a personal haul which took his tally for the 2013/14 campaign to 11 - beautifully.
And the Irishman, who is now the division's leading scorer, had much to thank his team-mates Nicky Clark, Lewis Macleod and Arnold Peralta for.
Lee Wallace's penetrating cross from the left flank also forced East Fife stopper Gary Thom to turn the ball into his own net shortly after half-time.
The goals meant McCoist's side has now scored 42 times and conceded on just five occasions in the league this season. Defensively, too, Rangers were solid and kept a clean sheet.
Their disastrous showing against Brechin City the week before, when they let in three goals in the first half, was not repeated.
The support the visitors received as they took on their part-time rivals was, for the umpteenth time since they dropped down to the bottom tier last season, also startling.
Every available space on the makeshift terraces was taken up with Light Blues fans.
The attendance of 4,700 was the largest at New Bayview in many years. With that kind of backing, week in, week out, there is no telling what Rangers can achieve in the future if ongoing problems upstairs are sorted out satisfactorily.
McCoist declined to comment on the intriguing prospect of King, who he knows well from his previous involvement with the club, investing in Rangers again.
However, he spoke briefly with the man who once ploughed £20million of his personal fortune into the Ibrox club after the final whistle and was certain he had enjoyed his day.
"I am glad we won it for him," said McCoist. "He would obviously have been very pleased to see Rangers win. It has been a while since Dave has been at a Rangers game and he is more than welcome if we keep winning 4-0 when he is here.
"There have been meetings going on, but, really, that is nothing we can have a bearing on. All we can do is select a team which wins on the park.
"Thankfully we did that at the weekend. Hopefully we will continue to do that. I had a wee chat with him after the game and he was pleased with the result."
There are, of course, many hurdles to overcome before King, who has held six meetings with key protagonists in the Rangers power struggle since returning to his homeland, can rejoin the board.
He has to find an agreement with the major shareholders James and Sandy Easdale.
Furthermore, his appointment must be approved by both the SFA and the AIM Stock Exchange.
Having pled guilty to 41 tax offences and agreed to pay £43m to the South African Revenue Service earlier this year, it remains to be seen if he will be deemed a "fit and proper person".
Nevertheless, King remains confident, despite the comments made by SFA chief executive Stewart Regan on Saturday, there will be no impediment to his return.
His presence in Methil was an indication of his intentions.
As Rangers continue to make significant strides forward on the field of play there is a pressing need for a figure of considerable means with the best interests of the club at heart, be it Dave King or somebody else, to take charge.