RANGERS are believed to have just days to accept a £16 million rescue package offered by former director Dave King.

The deadline came as it emerged the controversial businessman has put up £8m of his own money in a bid to take control of the Championship club.

It is understood that, during talks at Ibrox on Tuesday, Mr King set out proposals to invest heavily in Rangers with half of the cash coming from his own pocket and the remainder from other investors, including wealthy fan and shareholder George Letham.

Mr King, a South Africa-based businessman, is believed to have committed to remaining in the UK for a week as the board decides on its next move, with a large influx of cash needed ahead of an annual meeting that must be held before the end of the year.

There are concerns that Rangers do not have the money to see out the season, while it has also been suggested they may struggle to pay staff wages this month.

Sources close to Rangers say it is highly unlikely the club's auditor, Deloitte, would sign off its accounts ahead of the annual meeting, as they would have to be strong enough to show the club is in a healthy enough financial position to trade for another year, whereas it appears to need a significant cash injection.

In a further development, it is understood the Rangers board is also in contact with shareholder Mike Ashley, owner of Sports Direct and Newcastle United, who could offer his own rescue package as the power struggle over the club's future enters a crucial phase.

Mr Ashley, who owns almost 10 per cent of the club, is understood to oppose Mr King's comeback and is attempting to oust chief executive Graham Wallace and director Philip Nash.

The only other realistic option to raise cash is a fresh share issue. However, after a similar move last month raised little more than £3m, significantly less than had been targeted, analysts believe the club is more likely to turn to Mr King or Mr Ashley.

Rangers declined to comment.