Rangers claim new investment 'well advanced' despite Dave King saying new funding 'on hold'

King confirmed he was stepping down on Friday evening and he will be replaced by new interim chairman Donald Park.

The Light Blues recently forecast they would need investment of around £10million before the end of the season after posting losses of £11.3million. And they had been expecting new cash flow into the club from other investors.

But while Mr King confirmed the coronavirus crisis had thrown a spanner in the works financially that would see the funding delayed, the club maintain that significant investment had "already been received" and further commitments have been sealed.

A statement read: "RIFC is pleased to confirm that the funding plan announced at the recent AGM is well advanced, with significant investment already received and further commitments in place."

Mr King said at the time: "At my final board meeting in Glasgow on March 14, the board was close to finalising a new round of funding, however this has been put on hold while the board considers the financial consequences of the rapidly evolving global impact of coronavirus.

"The subsequent severe developments within the sporting and general business environment – that have now resulted in global lockdowns – has necessitated that the careful financial planning assumptions presented on March 14 are revisited.”

Rangers later announced John Bennett would be Park’s deputy chairman and sought to reassure supporters over their finances.

Park said: “It is a privilege to take on this position at the world’s most successful football club. We have experienced some difficult days but have emerged stronger than before.

“On behalf of the board of directors, I welcome the continued enthusiasm towards contributing to the future success of the company and club. We will make further public comment in due course.”

Stuart Gibson, a Paisley-born, Japan-based businessman, has been in talks with Rangers over investing in the club.