FORMER Rangers chairman Alistair Johnston has cautioned that the directors in waiting may be opening a Pandora's Box when they finally enter the Ibrox portals after the latest manoeuvring by Mike Ashley and his nominated representatives on the board.

On another remarkable day in the incredible story of Rangers, Dave King announced that the battle for control was over and the war had been won only for the Ashley camp to fire two more unexpected volleys.

King claimed he had achieved "a landslide victory" in terms of support for all of his resolutions which will remove the remaining directors - chief executive Derek Llambias and finance director Barry Leach - and replace them with himself, Paul Murray and John Gilligan.

However, the response was swift as it was announced that the second £5million loan from Ashley would be drawn down by the board and that the EGM must go ahead as scheduled on Friday.

Johnston is no longer surprised by events at the club where he governed between 2009 and 2011 and had a corporate association for five years prior to that.

However, he has warned jubilant Rangers supporters that while the end game is tantalisingly close there could be considerable work to be done.

He said: "Obviously this is a move by Ashley that leverages his positon. He may be obstinate but he is not stupid. There is a reason he has done this and it will be a business reason.

"It is not inconsistent with the way he has treated Rangers from the outset because he has no emotional ties and no passion for the club and this is a move which is designed to enhance or leverage his business position.

"Hopefully it will all come out in the wash when the new directors get in. It is another example of Ashley's manipulation."

Johnston has repeatedly been sceptical of the Sports Direct owner, particularly when he learned that the sale of the naming rights to Ibrox for £1 by Charles Green had been kept secret for a year.

He is concerned there could be more unknown or secret deals and that they will not be uncovered until King and his allies finally take control.

He said: "What are the new directors going to find when they go in and look under the hood, if you will, in terms of the relationship with Mike Ashley?

"There is still another agenda here. I made the point before but I can't believe Ashley got off so lightly before in the fans' eyes when the Rangers board had sold the naming rights for Ibrox Stadium for £1.

"It was over a year later before this was revealed so it begs the question what other side deals will be found in the filing cabinets once the new directors get to open the doors.

"Little has surprised me over the last three or four years but I'm not quite sure why the events of Tuesday have happened - other than to slap the fans in the face once again."

Johnston also believes that while King's return to Ibrox is welcome he feels there will be pressure on him and the new board to deliver in the months ahead.

He said: "It's great news that the new board will get in but on day two the hard work starts and it will involve a lot of money, time, effort and intelligence.

"It won't be easy but there will be a more open and transparent governance of the club and people with the best interests off the club at the wheel.

"Most Rangers fans, traditionally, don't really care about corporate structure - it is all about success on the pitch.

"Fans don't keep score with profit and loss accounts or the payment of loans - t's results on the playing field.

"However, there is a determination about them now after the effects of the last three years."