Rangers need either fresh funding or a loan to the tune of several million pounds to carry them through to the end of the season.

This much is obvious. Even with yesterday's news of £3.1m raised from a rights-issue, the club is staring down the barrel of insolvency and administration.

Reports earlier in the week that Mike Ashley, the billionaire owner of Newcastle United, was ready to sell up at St James' Park with the intention of buying in to Rangers, were quashed yesterday by Ashley himself. Most Rangers fans were relieved at this news, though some felt that a mega-rich businessman showing an interest in their club was worth at least exploring.

Now, ironically, comes speculation that the man detested by many supporters - including some Rangers fans - may be on the brink of helping the Ibrox club out. As unpopular as Ashley is on Tyneside, he has one thing that Rangers crave . . . money. Moreover, only a fraction of the cash Ashley has ploughed into Newcastle - £130m in loans - would be required to stabilise Rangers.

If Ashley can provide loans for the parched Ibrox coffers it would probably keep the benighted club going until the summer. It would also provide breathing space for a beleaguered board, including Sandy Easdale and ceo Graham Wallace, who had been staring into a financial black hole at the club.

Rangers, believed to be losing in excess of £1.2m per month given the club's current cost-base, are running out of money. The recent share-offer, aimed at raising another £3.8m, closed yesterday with £3.1m having been raised from the sale of 15 million new shares. In itself, this money is not enough.

From that sum, plus existing cash in the bank, Rangers had loans to repay, an out-of-court settlement to meet, as well as an onerous wage-bill and other overheads. The money would keep Rangers going for weeks, rather than months.

Whether Ashley can gain any long-term traction on the club or not, and with some supporters keen to buy up shares with a view to a fan-ownership model, the irony is many observers believe the old-fashioned idea of a sugar daddy is the only answer for Rangers.

One analyst yesterday depicted their plight in stark terms

"The club is heading for the rocks, and what it needs right now is a guy with money - a Fergus McCann, a David Murray, a Dave King - to come in and clear up the mess," he said. "There is a Gordian knot at Rangers which cannot be unpicked. The club is haemorrhaging money and the board can hardly find any new money to bring in. "Right now, even if the directors have managed to drum up £3.1m from this recent share-issue, they will probably need another £4m before Christmas. I might be wrong but I cannot see that happening. What I can see, though, is Dave King, quietly waiting in the wings, coming in and getting control of Rangers following a period in administration, when all else has failed."

Ah yes, Dave King . . . had you forgotten about him? King has been silent for months, leaving some Rangers fans, who had earlier risen to his rallying cries, feeling bitter at his disappearance. It is likely, though, that the South Africa-based Scot had simply been biding his time until the opportunity is ripe.

King has been adamant all along that if, or when, he does wrest control of Rangers, none of his money will be handed over to current shareholders, but will go into the club. Patience has been his key - and possibly a wait for the inevitable administration to come.

The question now is, can Rangers secure fresh funds from Ashley or King - and the latter would demand fresh shares for his money - in order to ease the financial strain?

Because of his High Court conviction in South Africa on tax affairs, some believe King would be barred a directorship of Rangers by the club's Nomad, Daniel Stewart. But King would not need any Nomad's approval if Rangers, post-administration, fell back into private ownership under him. It is this scenario that the current Rangers board are trying to stave off.

"In the long term King still looks the likeliest to get in to Rangers," said the analyst. "The club cannot go on like this, and administration might be the only way to clear the mess. Rangers, it seems to me, needs another Mr Big. I know some supporters don't like that notion, given what happened in the past, but it might be the only answer."

Different factions of Rangers fans, meanwhile, continue to agitate for change. With the pressure group, the Sons of Struth, threatening a boycott of matches at Ibrox, an already emaciated Rangers board could be further starved of cash. For many supporters it represents an invidious predicament: trying to hurt "the regime" without hurting the club. It seems, at this stage in the saga, it is impossible to do one without the other. Where does all of this leave Graham Wallace, the beleaguered ceo? The answer is, desperately looking for money, from Ashley, King, or anyone else.

Wallace is increasingly isolated inside Rangers, not least for his softened stance in recent months towards King. He can see perfectly well that King, ultimately, may be the only answer, though for the Easdales and others, this is a hostile and potentially money-losing event for them. Given this, it is inconceivable Wallace can remain at Rangers in the medium term.

The club remains hamstrung. Players and management are over-paid, and supporters are irate. None of the Rangers sums add up and yesterday's windfall from the rights-issue will do little to solve that.

Mike Ashley's money - should it ever come - would be a very welcome short-term sop. But Rangers' future looks as murky as ever.