Rangers FC are facing another round of damaging boardroom turmoil on the day they revealed Charles Green has been brought back as a consultant.

Only hours after a statement to the London Stock Exchange confirmed the former chief executive's new role, the Ibrox club revealed a challenge by institutional shareholders to remove new chief executive Craig Mather, finance director Brian Stockbridge, and director Bryan Smart.

The big shareholders are seeking the appointment of former director and Blue Knight Paul Murray and football finance expert Frank Blin as directors of Rangers.

The club said it was considering whether the request was correctly made, and a formal announcement would be made in due course.

Another day of remarkable developments in the Rangers saga began at lunchtime, when Green was officially hired as a consultant. The club's statement read:  "Mr Green's role will be to promote the interests of Rangers Football Club, specifically assisting with shareholder relations and advising the Company on its capital structure."

But by late afternoon, the Rangers website posted another notice, which read:  "The Board of Rangers confirms that, on 1 August 2013, it received a notice requisitioning a General Meeting of shareholders.

"The Requisition puts forward resolutions for the removal of Craig Mather, Brian Stockbridge and Bryan Smart as directors of the Company and the appointment of Paul Murray and Frank Blin as directors of the Company.

"The Board is verifying whether the Requisition is properly constituted and further announcements will be made as appropriate."

Green, who led investors into the formation of the new club, announced his resignation as chief executive in April, after Craig Whyte claimed the pair had colluded to buy the club's assets.

Then, Rangers issued a statement which read: "Recent weeks have seen media interest in the circumstances surrounding the period prior to the acquisition of the club by the consortium led by Mr Green. 

"Whilst Mr Green strenuously denies any wrongdoing, he has recognised that this negative publicity is a distraction and is detracting from the achievements and reputation of the club."

An investigation commissioned by Rangers into their business relationship found no evidence of collusion, with no connection to the current holding company.

In May, Green was fined £2,500 by the SFA after being found guilty of making a racist comment after referring to Rangers’ former  commercial director Imran Ahmad as ‘my little Paki friend’ in a newspaper interview.

Mather was later hired as his replacement.