Thursday 5 March 2015 10:32, UK
Dave King has announced he will delay fully taking over at Ibrox to allow the SFA time to properly vet his bid to become Rangers chairman.
King has announced he is set to claim a "landslide" victory when shareholders vote to elect a board at Friday’s EGM.
The South Africa-based businessman had been hoping to avoid the meeting by ousting the last remaining members of the current board - CEO Derek Llambias and finance director Barry Leach - but Sky sources understand both will '100 percent not be resigning' ahead of the Ibrox gathering.
And before taking up his role on a permanent basis - should he prove successful in accumulating enough votes - King has confirmed he will let Hampden chiefs and regulators from the Stock Exchange determine if he is regarded as a‘fit and proper person’ and able to become chairman.
Former Blue Knight Paul Murray, like King a director of oldco Rangers, will be installed as interim chairman while King’s bid is scrutinised.
King is likely to be asked to explain why he was forced to hand the South African Revenue Services a cheque for £44m in 2013 in a bid to stave off a tax investigation.
In a statement released on Thursday night, King said: "An important issue that was repeatedly (and correctly) raised by the previous board is the need for the regulators to be given time to complete the necessary due diligence on myself - given my intended role as chairman of the company.
"However, engagement with the regulators can only commence at the specific request of the company and that process can only be initiated on conclusion of the general meeting.
"It is important that I lead by example following my commitment to transparency and accountability. I will therefore delay acceptance of my appointment as director until the regulators have completed due process.
"Paul Murray has agreed to act as interim chairman of the company until this process has been concluded. Additional board appointments will be announced in the near future."
It was announced earlier on Thursday that trading in Rangers shares on the Stock Exchange has been temporarily suspended after the club's nominated advisor resigned.
