RANGERS shareholder Mike Ashley's bid to oust the chief executive and a director from the board is just his first move in a grab for more power at Ibrox, it has been claimed.

It is understood the Sports Direct tycoon could be ready to increase his 8.92 per cent stakeholding in Rangers International Football Club plc to around a quarter of the club's shares.

A source close to Mr Ashley said the billionaire was considering upping his stake after declaring war on chief executive Graham Wallace and director Philip Nash.

He would, however, have to find a way past an agreement he struck with the Scottish Football Association which committed him to owning no more than 10 per cent of Rangers while he was still in charge of Newcastle United.

It comes after Rangers announced to the stock exchange yesterday that Mr Ashley had used his right as one of the club's major shareholders through his company MASH Holdings Ltd to call an emergency general meeting to vote on Mr Wallace and Mr Nash's positions on the PLC board.

The current Rangers board said it will fight to save Mr Wallace and Mr Nash's positions.

Sandy Easdale has influence over 26 per cent of the shareholding at Ibrox, and his spokesman Jack Irvine said: "Sandy Easdale is not part of the PLC board and has no knowledge of any of the recent announcements.

"However he is watching with interest."

Reports yesterday suggested that Mr Wallace had entered into talks with former oldco directors Dave King and Paul Murray, as well as wealthy supporter George Letham, over a potential multi-million pound rescue package for the crisis-hit club.

A statement issued by Mr Murray and Mr Letham last night confirmed they were in discussions with the board "regarding a proposal to provide the club with a funding package to be provided by like minded individuals including Dave King".

It has also emerged former owner Craig Whyte may face prison if he fails to attend High Court hearings in London again. A judge has ruled Mr Whyte "seeks to frustrate the court's orders" in a case involving finance company firm Ticketus.