Rangers supporters call for chairman David Somers to resign
Rangers chairman David Somers and the rest of his board have been urged to do the "sensible" thing and give Dave King and the Three Bears a shot at running the club.
The Ibrox directors have rejected US financier Robert Sarver's £20million takeover bid despite admitting last week they were desperately short of cash.
Sarver, whose bid also included a £6.5m emergency loan, has now walked away, leaving the board with a stark choice in a bid to solve their impending financial crisis.
They can either turn to Newcastle owner Mike Ashley and risk another rap from the Scottish Football Association or hand over control to the Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - and former oldco director Dave King.
Chris Graham, spokesman for the umbrella supporter group the Union of Fans, says it is time for the likes of Somers and director James Easdale to step aside.
He said: "The Sarver offer was always a bit of a sideshow as it was never really a viable offer. Now that it has been withdrawn we can now start looking at the real business, which is where are they going to get the short-term funding from.
"They can either go with the Three Bears or will Ashley offer another loan and take control once more?
"In all fairness Dave King and the Three Bears should now receive board representation. These guys now both own big stakes in the club and should get their chance to make decisions and also to provide some short-term funding.
"People on the current board like David Somers and James Easdale have presided over some pretty odd decisions and who's to say what else they will do.
"The sensible approach is to get the Three Bears and Dave King on board as soon as possible."
Sarver, 53, pulled the plug on his bid to buy Rangers after the Ibrox board rejected his improved takeover offer.
The US financier wanted to buy a controlling stake in the crisis-hit Glasgow outfit but saw his hopes spurned when the Rangers directors decided they could not get 75 per cent of shareholders to back him.
In a statement given to the Stock Exchange, Sarver said: "I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs.
"Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out.
"I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask."
In a separate statement issued by his Scottish PR advisor, Sarver also explained that the board's "continued failure to provide a counter offer or engage in any meaningful negotiations" was behind his decision to walk away.
Sarver, who already owns NBA side the Phoenix Suns, made his first move just after Christmas when he offered the board an £18m deal but saw it rejected last Tuesday.
He responded 48 hours later with an improved £20m and in return Sarver wanted the club to call an urgent general meeting to vote on proposals to hand him enough new shares to give him control of 51 per cent of Rangers.
He then planned to make an offer to buy up all remaining stock at 20p per share.
But the club's directors were left hamstrung by the decision to vote down their own resolution at last month's AGM which would have allowed them to issue new shares to fresh investors without first offering them to existing stakeholders.
They were then blind-sided when first the Bears and then King made two surprise share purchases, handing them control of 34 per cent of the club.
In a 7am notice to the Stock Exchange, the club announced: "The Board of Rangers has considered the revised possible offer from Robert Sarver.
"The Board rejected the first proposal from Mr Sarver on the basis that the Board felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming.
"The Board has sought the views of a number of major shareholders on this revised proposal and has reached the same conclusion."
Read more:Investor George Taylor backs fans to take control of Rangers