Former Rangers director Dave King is investigating a bid to wrest control of the club from Charles Green and his investment cronies.
But the South African based businessman – who lost £20m via a previous investment in the Ibrox club – faces stiff opposition from Greenock bus tycoon James Easdale.
Easdale and his brother Sandy – jailed for VAT fraud in 1997 – have approached Green over the sale of his 8 per cent stake. The siblings, who own McGill’s Buses, already hold 6 per cent and are keen to secure representation on the Ibrox board.
Ibrox return? Dave King, the former Rangers director, is weighing up a bid to take over from Charles Green
However Castlemilk-born King has told Sportsmail that he intends to ask the institutional investors behind the Yorkshireman if they will sell to him instead.
Aware of the move by the Easdale brothers to buy Green’s eight per cent shareholding, the 57-year-old is currently trying to establish precisely who owns the other shares with a view to making a counter move.
'I am very much assessing my position at the moment,' said King from Johannesburg.
Back in town: King, who lost £20m during his last Rangers investment, told Sportsmail he intends to approach the Yorkshire investors behind Green's (below) control
'Right now I am trying to get as much information as I can to understand the true corporate structure behind Rangers.
'I am trying to discover if the investors would be in a position now to consider their situation.
'Most people don’t want to lose money.
'But I want to find a different way forward. And the removal of Charles Green certainly provides an opportunity to take things a forward a different way at Rangers.
'I want to see if the individuals who own the shares are amenable to having a discussion.
'The issue is not one of just buying Charles Green’s shares. His eight per cent does not make much difference
'There is no point in being a minority shareholder with no influence or power.
'But now there are two possibilities.
'One is that his shareholders regroup and find another man and continue to support him. In which case we have a continuation of that previous regime and things will catch up with them in a year or two.
'Or, alternatively, if the shareholders are in any way uncomfortable and want to exit then this may be the opportunity now for others to come in.
'And one of those could be me.'
The legal claim of former owner Craig Whyte to the club’s assets further complicates the picture.
However King is dismissive of the former owner, saying: 'I would discount Whyte completely.'
King has been linked with bids for the club in the past, but was frustrated by a freeze on his UK assets by the South African Revenue Service (SARS). In November he won a six year battle to have the order lifted, freeing him to invest in UK companies.
At the helm: King (right) with Rangers manager Ally McCoist after negotiations with the club's administrators in February last year
Last month he reached a confidential agreement with SARS which will see several of his South African companies and assets sold to offset a tax debt disputed for well over a decade.
The Glaswegian also entered into correspondence with the SFA last year and believes his legal team can convince the governing body he is a ‘fit and proper person’ to return to the Ibrox boardroom.
‘The response of the SFA was that because it was only allegations they would take representations from my legal team and if they could convince them I had a strong case then there would be no issue.'
Rival bid: Charles Green (middle) with James and Sandy Easdale in the Rangers director's box
There will also be questions over the involvement – if any - of Sandy Easdale in the Ibrox acquisitions of his brother James. Jailed for 27 months in 1997 the tycoon received VIP treatment from Green prior to investing in the recent share issue.
McGill’s Buses are Scotland’s largest independent bus operator and employ 700 staff from their Greenock HQ.
Last night Rangers sources claimed they had no knowledge of Green agreeing definitively to sell his shares.
However, the matter was discussed at a board meeting yesterday, where the interim appointment of Craig Mathers – a Green investor – as interim Chief Executive also moved closer.