King makes Ibrox visit

Rangers director Dave King was at Ibrox as manager Ally McCoist held talks with the club's administrators.

South Africa-based King, the only survivor from the Sir David Murray era on the board, left Ibrox in the same car as McCoist on Wednesday afternoon.

King has previously admitted he considered launching his own takeover bid before Murray sold his shares to Craig Whyte for £1. He was put off by the demands of Lloyds Banking Group.

The Glasgow-born businessman was also linked with another potential bid from director Paul Murray, who quickly expressed interest in forming a takeover consortium after Rangers went into administration on Valentine's Day.

King, who has been involved in a long-running dispute with the South African tax authorities, was reported to be on the verge of being removed from his position just before the club appointed administrators. However, he remains on the board as a non-executive director.

There was no comment from Rangers or the administrator on the latest talks as officials from Duff and Phelps continue to probe the financial dealings surrounding Whyte's takeover and subsequent running of the club.

There have been no job cuts announced although one player is on his way out of Ibrox after the club accepted an offer from South Korean club Busan I'Park for Australian midfielder Matt McKay, with negotiations ongoing.

The administrators and Whyte himself have confirmed that a £24million cash injection from investment firm Ticketus, based on advance season ticket sales, had been used to pay off the £18million Lloyds debt.

It has emerged that Rangers, under Whyte, had sold shares gifted to them by Arsenal in the 1930s for around £230,000.

Supporters are still digesting the lengthy statement issued by Whyte on Tuesday, in which he also announced plans to step down as chairman and possibly "gift" fans the majority of his shares.