DAVE KING has offered to delay his share sale to Club 1872 and allow fans to put their money straight into Rangers if the Ibrox board require external investment in the coming years.

The former Gers chairman has agreed a £13million deal with Club 1872 that will see them purchase his major stake in RIFC plc and become the largest shareholders at Ibrox.

Critics of the blueprint have pointed to the fact that none of the money raised by supporters will benefit Rangers as King is paid an average of 20p per share on his 20.37 per cent stake.

The South Africa-based businessman is committed to handing over his major influence at Ibrox to the fans to protect Rangers for generations to come, but will alter his plans if the board require funds donated by supporters to be used by the club.

“Regarding the comment about whether the money should go into the club or not,” King told the Four Lads Had a Dream Podcast.

“At the last board meeting that I chaired earlier this year, which was at the end of March, the position of the board, and I believe remains, that after the current share conversion that is being finalised at the moment is completed, that there is not the intention for further share issues.

“If such is required in the future, it will certainly not be at 20p. Therefore, to my knowledge, the opportunity for Club 1872 to acquire the shares at this level is not going to exist.

“I would go a step further and say, for example, that if the club decide they would like access to the £13million, I would be happy that if the club gave an unconditional undertaking to Club 1872, that over the next three years it would allow it to acquire shares directly in the club and the money goes into the club.

“I would be willing to delay this deal with Club 1872 for another three or four years because I have no intention to sell. All it would take is the Club to turn round to Club 1872 and say ‘we will issue you shares over the next three years for all the money you raise’ and that could solve it from that point of view.

“My understanding is that the club is not going to do that, does not want to do that and that the club, in future share issues, will be looking to do it at levels far higher than 20p.”

Fans have been asked to donate £500 as part of the ‘legacy member’ scheme that has been launched by Club 1872 to allow them to raise the funds required to complete the deal with King.

Shares will be purchased in tranches and Club 1872’s stake will rise as more supporters sign up and King is eager to see the fans make the most of the chance to move above the crucial 25 per cent threshold.

King said: “My consideration of the issue was how can I take my shareholding and ensure, if I wasn’t around, that it would end up in safe hands? I think the safe hands should be the supporters and in my view Club 1872 is the right supporter group.

“They have got good representation, they are already the sixth largest shareholder, and I see it being right for the club going forward.

“I think it is right for the supporters to have a responsible group like Club 1872 representing them and certainly in my experience of dealing with them, it would be a strong preference for Club 1872 to be successful.

“I repeat, if for whatever reason we couldn’t do this deal at the end of the three years, I would keep it open for Club 1872 as long as they were making meaningful progress. I really believe this is the right thing for the club.”