FANS have raised serious concerns about the future of cash-strapped ­Rangers as former Blue Knight Brian Kennedy joined Sports Direct magnate Mike Ashley and Dave King in offering fresh funding.

The moves emerged as finance ­director Philip Nash, believed to be an ally of chief executive Graham Wallace, resigned from the board of the club's holding company Rangers International Football Club plc. It is thought to be a further blow to former director Mr King's takeover bid, which is understood to have been embraced by Mr Wallace and Mr Nash.

Chris Graham, of the Union of Fans, which supports Mr King's offer of fresh investment, said that if that was rejected in favour of a loan from Mr Ashley, there would be a "major problem with the fans".

Mr Ashley, the Newcastle United owner, who has 8.29 per cent of the plc shares and a grip over the operation of the club's shops and club merchandising, had already called for a shareholders' meeting to force the removal of Mr Nash and Mr Wallace. He has made his own financial package for the plc board, which it is predicted is struggling to meet the November payroll.

It is thought Mr Ashley will be ­providing an emergency loan in exchange for a guarantee of positions on the board.

Mr Graham said: "It appears to be a complete mess. Any loan he gives is going to be on terms that are good for him and good for Sports Direct - it is not going to be good for Rangers.

"If they go with Ashley they will have to explain how taking a loan from a guy who has tried to attach onerous terms is a better deal for the company and club than taking equity from people who put in money for the good of the club."

Sources at Uefa, European football's governing body, have indicated that the billionaire entrepreneur's involvement as owner of Newcastle and a major shareholder with influence at Rangers may breach rules surrounding the integrity of competitions.

Fans are known to be concerned that Mr Ashley is now placed in a conflicted position in choosing where his ­European interests lie. Mr Ashley has an agreement with the SFA limiting him to a stake of no more than ten per cent in Rangers.

But Article 13.1 of the SFA Articles of Association states that no person involved in another club "has any power whatsoever to influence the management or administration of a club" without prior written consent.

Mr Kennedy, the Sale Sharks owner, has also made a funding offer. He insists his deal for a takeover of Rangers remains alive.