Rangers have confirmed new chairman Dave King has handed the club a £1.5million loan.

The South Africa-based millionaire finally took to the club's throne on Friday, two and a half months after chasing the former Gers board out of Ibrox.

The loans, which are being chanelled through King's company New Oasis Asset Limited, are to be used for "group purposes".

Like the loans given to the Light Blues in March by the Three Bears - Douglas Park, George Letham and George Taylor - King's facility is interest free and unsecured.

King does not expect to be repaid, however, and plans to convert the cash owed to him into shares at a later point.

He has already stated he believes it will take around £30million to put Rangers on a level-footing with rivals Celtic and has promised to provide 50 per cent of the funding as he seeks to restore Rangers to their previous dominant position.

A club spokesman said: "These loans will provide the company with time to deliver a longer-term funding strategy and the parties providing these loans to the company have advised that they intend to convert them to equity when the opportunity arises."

King, 60, officially took on the role as chairman four days after being cleared as fit and proper by the Scottish Football Association.

He replaces Paul Murray, who has covered the position on an interim basis since King's board coup at a shareholder meeting back on March 6.

The Castlemilk-born businessman said: "It has taken much longer than any of us had anticipated to bring about board changes but we have achieved that and I am deeply honoured to become the club's chairman.

"This is a privileged position and I do not accept it lightly. Our club is a massive one, a great club and it is my intention to make sure Rangers will now move forward with confidence and great optimism.

"It might be some time before we are able to shelve some of the appalling things that this club has been subjected to. It is important to remember the events of recent years to ensure that they are not repeated but it is equally important not to dwell on them. Rangers has to build towards a brighter future and none of us should be in any doubt that a lot of hard work will be required.

"Our main focus is firmly on the future and we have to prepare for that through an intelligent funding strategy. Greater detail will be revealed very soon after our interest in the SPFL play-offs has been concluded.

"We have to settle on the correct team management structure and we must make sure the new players who come here are capable and worthy of wearing Rangers jerseys because this is a huge club. One only has to look at the media interest and coverage generated by Rangers to see that. It is now up to the board to make choices and decisions that will drive the club forward to success on and off the field.

"The supporters might not always agree with the decisions made but every fan can be assured Rangers' best interests will be to the fore at all times. Their needs will also be recognised because they have played a big part in ensuring our survival.

"I would like to take this opportunity to thank Paul Murray who had no hesitation in stepping forward at a difficult time just after the general meeting in early March. He has worked extremely hard to deal with the myriad problems that he inherited and Rangers should be grateful to Paul for his support and determination to help force change.

"Finally, I would like to say that I will do my best to protect the interests of this club and restore its values and traditions. It has been a long struggle but the unity demonstrated throughout should make us stronger and more determined than ever to succeed."