THE SFA'S decision to stop Mike Ashley increasing his stake in Rangers has opened the door for Dave King to seize power at Ibrox.

 

That was the prediction from stunned Gers legend Derek Johnstone today as he reacted to the governing body's surprise move.

MASH Holdings Limited had applied to raise their shareholding in Rangers from 8.92 per cent to 29.9 per cent.

If that had been approved, Newcastle United owner Ashley would have taken control of the Glasgow giants - without having to launch a takeover.

However, the SFA Board stunned Scottish football earlier this week when they "unanimously" knocked back that request.

The Rangers board controversially decided to accept a £2 million loan from Ashley back in November.

They dismissed a £16 million rescue package proposed by an eight-strong consortium led by King due to their failure to provide "proof of funds".

A brief statement posted on the Rangers website on Christmas Eve confirmed the board were "very disappointed" and would "consider all our options".

But SportTimes columnist Johnstone believes the SFA decision has increased the likelihood of South Africa-based financier King coming in.

Johnstone said: "This is probably a chance for Dave King.

"I would imagine there have already been meetings and discussions between the eight members of the consortium he fronted.

"And I think there is every chance that something could happen on that front in the New Year."

He added: "There are only two options for Rangers. One of them is Ashley and the other one is Dave King.

"If the SFA have refused Ashley's attempt to increase his stake in the club then I think the only other way to go is King. This could the best chance he has had.

"I know that the members of the group haven't gone away. They have been monitoring developments at Ibrox with interest."

Ashley and Rangers have been charged with breaching SFA rules issued with notices of complaint over dual interests in clubs.

He has an agreement, struck back in 2012, that prevents him from holding more than a 10 per cent interest in the 54-times Scottish champions.

But Johnstone admitted he was shocked the governing body stood in the way of the Sports Direct tycoon taking over.

Because the move now raises puts the future of Rangers - who need to find £8 million of additional investment to stay afloat next year - in serious doubt.

Johnstone said: "Do the SFA not want Rangers to survive? That is the way it is looking.

"They have a man who wants to put money into a club and they aren't letting him. "What are they frightened of?

Of Rangers getting back into the top flight and dominating?

"Every club is struggling financially at the moment and the league is up in the air without a sponsor.

"Rangers getting back into the SPFL Premiership would help bring in sponsorship and increase crowds.

"I am shocked. I would like to hear the SFA's reasoning behind the decision. I can't believe some of the decisions the governing body are making. "I just don't know where Rangers go from here. Have they got the money to survive?

"But, as I say, I think this now opens the door for Dave King. He and his associates certainly haven't gone away."