The South African-based businessman Dave King has claimed the Rangers board has rejected his call to ring-fence season ticket money.

Mr King is understood to want to plough vital millions into the club in exchange for a new shareholding in Rangers International Football Club plc.

But he said yesterday that the directors were unwilling to do this because of "the high risk of anyone advancing funds to the club".

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The South Africa-based businessman's proposed scheme would have protected season ticket cash from being used to repay a controversial £1.5m loan handed to the new League One champions by investors Sandy Easdale and Laxey Partners.

The Union Of Fans' supporters group is to continue its call for fans to withdraw their season ticket money and put it into a trust until club assets, including Ibrox Stadium, are signed over to them as collateral.

Mr King said the board was expected to come up with a business review in the next month detailing plans for competing with Celtic and in Europe.

He said the board had "publicly dealt" with his concerns over whether Ibrox and Murray Park would be used as some security for further financing.

The board had confirmed that the assets would not be used as security and Mr King said "no-one should be in any doubt that this public statement and commitment is significant and should be appreciated as such".

Asked about the season ticket withdrawal plans, he said: "The fans will now be able to see the business review before having to make any final decision on season ticket renewal."