Mr McColl, one of Scotland's richest men, confirmed that a bid to remove Craig Mather, Rangers' chief executive, finance director Brian Stockbridge and director Bryan Smart would now take place at an annual general meeting of the club.
Despite withdrawing his official move to force change, he said the appointment of new directors could take place after consultation with institutional investors and any new chairman that is elected.
Frank Blin has decided not to seek election to the board as part of the action led by Mr McColl, with fans yesterday calling for a replacement for the football finance expert.
Mr McColl said: "If the board think this has gone away, they are delusional. The issue has merely moved to the AGM. The requisitionists are still pursuing their original objective, which is to get change on the board. The only difference is they are going to use the AGM to exercise their rights."
Meanwhile, Mr Mather accused his opponents of spouting "wild accusations" and tossing around "insults and misinformation".
In a statement last night he said: "I know that there have been many of us who have been working tirelessly for Rangers and we believe totally that we are making a difference, even though some of us have been referred to as burglars, amateurs, asset strippers."
He continued: "Over the last couple of months this club has had the great misfortune to have been saddled with the threat of a GM, all because a group of individuals, most of whom have never done anything for Rangers, some of whom never having invested, believe they should become directors."
Mr Mather added that he has been in talks "behind the scenes" with Mr McColl, who he still believed would have been a "valuable addition" to the Rangers Board.
The AGM is expected to be held no later than October 31.