A WAR of words has erupted between Rangers executive Sandy Easdale and would-be saviour Dave King over the latest crisis loan taken to avoid a second winding up order.

Rangers announced yesterday that Mr Easdale, chairman of Rangers International Football Club plc's football board subsidary had loaned £500,000 to meet emergency working costs due "over the next few days".

It is believed the catalyst was a bill from the taxman for payment of National Insurance, under threat of a petition for RIFC plc to be placed into administration if it was not paid.

The holding company is said to have been handed a seven-day notice letter at the end of December.

The bus tycoon's loan will be secured on income from the recent sale of Lewis Macleod, who signed for Brentford on Friday for an undisclosed fee reportedly of around £1million.

Rangers previously announced his sale had been necessary to provide funds for working capital.

Former Rangers director Mr King has said he was prepared to work with the Three Bears consortium to rescue the business as it was confirmed that Robert Sarver, the majority owner of the Phoenix Suns NBA basketball team, had made an approach which could result in a bid to buy the club.

But a spokesman for Sandy and James Easdale, who has a seat on the plc board, declared the latest loan had been the only option for Rangers.

Jack Irvine, an Easdale family adviser, said: "Once again Sandy has stepped up to the plate with this half million pound loan from his own pocket. Whilst we welcomed the recent share purchases by Dave King and Douglas Park and his consortium, this unfortunately did not put any funds into the club.

"Sandy was the only option for this cash injection at such short notice. The Easdale family remain totally committed to achieving a satisfactory financial future for Rangers and they hope all parties can work together in the future with that common goal."

A consortium including King, Hong Kong-based George Taylor, a director with Morgan Stanley, and wealthy supporter George Letham saw a £16m investment offer rejected in November in favour of Newcastle United owner Mike Ashley's initial £2m loan, amid disputed claims by Rangers chairman David Somers that they could not provide sufficient information on the availability of funds or identity of investors.

Since Rangers accepted Ashley's loan, his long-time associate, Derek Llambias, became the club's chief executive.

And yesterday it was confirmed Sports Direct's 48-year-old head of brands Barry Leach has been appointed finance director.

Mr King said: "Given that Sandy Easdale rejected new funds and was a chief architect in getting the club into this mess, lending a small amount of money is the minimum he should have done. As part restitution he should make the £500,000 a donation rather than a loan."

A close associate of US tow truck tycoon Bill Miller, who had been a preferred bidder to buy the club out of administration, said Sarver would be a "good owner" but said any new investor would want full control.

He said: "I think the central issue will be Sarver, or any other savvy investor/operator for that matter, being able to obtain a control position in order to make the kind of fundamental changes that must be made in order to set Rangers on a healthy path."

Takeover rules mean that Sarver has until 5pm on February 2 to confirm or withdraw his offer, which is worth £18 million and designed to give him complete control of the club's equity.

The Three Bears alliance of motor group mogul Douglas Park, Mr Letham and Mr Taylor with 16% of the Rangers holding company shares have double the equity that Newcastle owner Mike Ashley holds. Mr Taylor already holds 3.16% of the shares.

However the Mr Ashley, the Sports Direct mogul with 8.92 per cent still has the upper hand in the boardroom with allies in chairman David Somers, and James Easdale. He also has an alliance with the subsidiary operating company chairman Sandy Easdale who holds voting rights over 26.15 per cent of the share capital.

Rangers were unavailable for comment.