Jim McColl has declared his support for Dave King's bid to oust the current regime at Rangers.

The wealthy industrialist, who backed an ill-fated move to force boardroom change at Ibrox in 2013, expressed his horror over how the club is being managed by the current board.

And he is confident King, who is proposing the removal of the current directors and replacing them with himself, Paul Murray and former Tennent's managing director John Gilligan, will prevail at an emergency general meeting on March 6.

King's proposal to oust chief executive Derek Llambias, finance director Barry Leach, chairman David Somers and director James Easdale requires the majority backing of shareholders at the EGM a week on Friday.

Asked if he supported King's attempt to topple the board, McColl said: "Absolutely, when we were doing it last time Dave came up to the office to see me, I had several conversations with Douglas Park and some others who were very keen to put money in.

"At that time, the goal was we don't want to give these guys the money, because it doesn't go into the club. They were blocking money going into the club, as they are continuing to do by taking Ashley's loans. There is plenty of money out there to go into the club, but it will dilute them and they know they will be off the scene.

"That's why this meeting a week on Friday is very important."

Mr McColl, speaking at a Glasgow Chamber of Commerce event, expressed confidence that King's motion will garner sufficient shareholder support to prevail.

He said the combined strength of the shareholdings held by King, the Three Bears consortium comprising Douglas Park, George Letham and George Taylor, supporters' trusts and other investors will lead to the current board's removal.

Mr McColl added: "I know there is one institutional investor that is dead keen to get them out, so in my arithmetic they have got the vote."