Hopes raised for united attack in Ibrox battle
King appeals to Three Bears in bid to oust Rangers board
King, who owns just shy of 15% of the club, submitted papers on Friday night, calling for a general meeting which is now expected within six weeks.
He needs to garner 51% of shares to win control and is hoping to persuade the Three Bears Consortium of Douglas Park, George Letham and George Taylor to vote their joint holdings of 19% in his favour. Another 11% is owned by the supporters.
Should he achieve majority support he will be able to force chairman David Somers, chief executive Derek Llambias, finance director Barry Leach, and non-executive director Sandy Easdale, off the board.
In their place would come King, former director Paul Murray and former brewery boss John Gilligan.
His move comes amid an intensifying battle for control of the Ibrox boardroom. The Three Bears consortium has offered to increase its offer of a £5 million loan to Rangers in a bid to prevent Sports Direct tycoon Mike Ashley taking a firmer control over Ibrox and its training ground.
The Newcastle United owner wants to take Ibrox and the Murray Park training ground as security against a £10m loand.
His move excludes other offers for 35 days, but the consortium says its offer does not include the club’s assets as security. A fans group has dropped a planned legal action after taking advice. A demonstration took place outside the stadium on Friday night.