Rangers fans are pressing ahead with plans to boycott tomorrow night's League Cup game against St Johnstone, despite Mike Ashley loaning the troubled Ibrox club £2million.

The Rangers board last week rejected the £16m bailout plan proposed by former director Dave King and a £3m financial package offered by former Blue Knight Brian Kennedy.

Instead, the club accepted the offer of a loan from Sports Direct tycoon and Newcastle United owner Ashley to keep them afloat beyond Christmas.

The billionaire businessman, the 15th richest person in Britain, has been tipped to loan the SPFL Championship club more money in future and possibly underwrite a share issue.

Rangers today confirmed that chief executive Graham Wallace, who was in favour of the King plan, has resigned from his position.

The Sons of Struth fans' group proposed the boycott of the League Cup quarter-final with St Johnstone at Ibrox tomorrow night in a bid to remove football board chairman Sandy Easdale.

SoS organiser Craig Houston said: "Our protest for tomorrow has always been about removing Sandy Easdale because we believe his presence is interfering with financial investment in Rangers."

The fans' protest group reckon McGill's Buses owner Easdale was preventing fresh investment from coming into the stricken Glasgow giants - and still feel that to be the case despite the Ashley loan.

Despite not being a member of the plc board, the Greenock businessman owns over 5% of the company and holds the proxy voting rights for over 20%.

Wallace followed financial director Philip Nash out of Ibrox - with former Newcastle United chief executive Derek Llambias and Ashley associate Stephen Lucklow coming in.

Houston believes a large section of the Rangers support is unhappy at the developments of the last few days and will get behind their boycott.

Houston said: "It seems that any time anybody wants to get involved at Ibrox there is the usual result.

"We actually still don't have any investment. We have just been lumbered with another loan.

"It was no surprise Sandy Easdale's brother (plc board director James Easdale) voted not to accept financial investment."

Houston continued: "I would urge all Rangers supporters to think long and hard about our boycott and whether to go to the game with St Johnstone.

"Our membership made their feelings well known and were shown in the results of a poll. I sense a strong support for our actions from fans who are not members of Sons of Struth."