Businessman Dave King has returned to South Africa insisting his deal for a takeover of Rangers is not dead, despite having failed yet to reach any boardroom or substantive shareholder agreement.

The former Ibrox director criticised Sports Direct magnate Mike Ashley, his rival in the battle for power, for failing to meet him and accusing him of putting pressure on the board as he flew home last night.

Mr King, one of South Africa's wealthiest men, had tabled a £16 million offer for a majority shareholding in the club's holding company Rangers International Football Club plc in conjunction with former director Paul Murray and shareholder George Letham.

He said: "We have a lot of work to do over the next few months to regain the club. I would not be here without the support of the fans and neither would my co-investors. We are going to need to draw on your support again over the coming months."

Mr King recognised that while there was no board agreement yet to put his plans to shareholders, there was another widely recognised major hurdle to his plans which needs to be resolved first.

There is no support yet from bus tycoon Sandy Easdale, chairman of RIFC's football board plc subsidiary, and previous advocate of Mr Ashley, who holds voting rights over a 26.1 per cent stake and a crucial veto over major club investment decisions.

Mr King said it was "important to recognise that the so-called Easdale Block" could kybosh his plans even if the board recommends his investment to shareholders at any future annual general meeting.

He refutes allegations that any deal is dead, and says that negotiations are continuing.

Mr King said the board and Mr Easdale had "apparently engaged constructively" over the plan.

Mr Easdale, however, had been "highlighting some concerns".

"He will now consult with his co-shareholders and hopefully revert soonest so that we can proceed to agreement," he said.

Mr King said he had attempted to meet with Mr Ashley, the Newcastle United owner, on his visit but neither he, nor his representative, acknowledged his request for a meeting.

He added: "This is their right but is unfortunate given the present concerns from supporters that Mr Ashley is using his shareholder status to put pressure on the board."

Rangers declined to comment last night.