DEREK LLAMBIAS and Barry Leach are today clinging to power at Ibrox as it was revealed Rangers will look to draw down a second £5million loan from Mike Ashley.

Dave King yesterday claimed victory in his battle against the board following the departures of James Easdale and David Somers in recent days.

But a statement was issued to the Stock Exchange on behalf of the board, now just comprising of Llambias and Leach, last night claiming the outcome cannot 'be determined with certainty' due to the 'significant' number of votes that have yet to be cast.

If the former Newcastle United pair don't walk away in the coming hours, Friday's EGM at Ibrox will still go ahead as King, Paul Murray and John Gilligan bid for a clean sweep of board removals.

The Rangers statement said: "The position of the proxy voting will not be announced ahead of the meeting for regulatory reasons, and in any event shareholders have the right to revoke their proxy vote by attendance in person at the general meeting.

"The Directors believe that they have at all times sought to act in the best interests of Rangers for the benefit of its shareholders as a whole and refute in the strongest possible terms any suggestion that this is not the case and in particular any suggestion that they have given their personal interests priority over those of the Company.

"By remaining in post the directors wish to give the Company and possible incoming directors (should the Board change) the best possible chance of complying with the AIM rules and of avoiding the risk highlighted in the circular of 06 February 2015 of the Company's shares being suspended. There can be no guarantee of avoiding suspension.

"The Board have reached out to David King in recent days to seek a resolution in the best interests of the Club but regrettably this has not yet proved possible.

"If control of the board of directors of the Company changes as a result of the general meeting the directors pledge that they will do their utmost to work with the new board in the interests of Rangers Football Club, as they have done and continue to do."

Just hours after King claimed he had received a majority backing from shareholders and urged Llambias and Leach to facilitate the handover of power before stepping down, it was announced that Rangers will look to utilise another loan from Newcastle United chief Ashley.

Under the terms of the loan, which is repayable in five years time, Sports Direct has the ability to appoint two directors to the board.

That could mean a quickfire return for Llambias and Leach after Rangers confirmed they have 'commenced the process of satisfying the conditions for the drawdown of the second tranche of the facility'.

As part of the first loan agreement, Ashley gained security over Rangers' assets and bolstered his merchandise interests after 26% of Rangers Retail Ltd was transferred to Sports Direct.

The Stock Exchange statement added: "Drawdown of the second tranche of the Facility is subject to due diligence by SD.

"Shareholders should be aware that there are other conditions of drawdown which include a material and adverse change and/or significant, adverse event condition which could impact upon the willingness of SD to release the funds.

"If the funds are not able to be drawn down from the Facility, alternative sources of external funding will be required."