ALLY McCOIST has admitted he would love a lifelong Rangers fan like Dave King to invest in the Ibrox club.

South Africa-based multi-millionaire King is considering buying shares in the Irn-Bru Third Division champions.

The Glasgow-born tycoon ploughed £20m of a personal fortune estimated at between £200m and £300m into the Light Blues back in 2000.

The 57-year-old lost that money when Rangers plunged into financial crisis last year.

However, he is keen to buy into his boyhood heroes again and the prospect of having a fan in charge excites manager McCoist.

He said: "I would welcome it totally. I know Dave King and I know he is 100 per cent a Rangers man. I know his family are Rangers fans too.

"It might not seem significant in the grand scheme of things, but it is certainly important to Rangers people.

"Of course, it is not a necessity in business, but I think it would be great if we could get real Rangers people back within the club."

McCoist added: "I am longing for the day when I can walk into any room at Ibrox and it is full of John Greigs, Sandy Jardines and Walter Smiths and people like that.

"These are the people who for me know what Rangers is all about."

King, who grew up in Castlemilk, has fought a bitter court battle with the South African Revenue Service in the last decade.

However, the matter has now been settled and he is now free to invest in companies in the UK once again.

He has also asked the SFA to investigate whether he would be deemed a fit and proper person to run a football club.

Charles Green, who stood down as chief executive last month, and other investors may be looking to offload their shares in the club.

McCoist added: I read the tax situation had cleared up in one of the papers. I can understand why some people may be concerned. But, more importantly, I think Dave King can understand that.

"That is possibly one of the reasons why he hasn't been involved in the past. It has been well documented that he has other issues outside of football that he has to attend to.

"But knowing the man and knowing his feeling for the club I'd welcome his investment and a Rangers-minded person coming to the club."

Meanwhile, McCoist, who will be without Emilson Cribari and Lee Wallace for the game against Berwick Rangers at Ibrox this afternoon, is still waiting to find out his budget for next season.

He added: "I would imagine the budget won't involve the £10m (from last year's share offering) that I was told had to spend.

"I was under the impression that the £10m might have been transfer funds."