Dave King has told Rangers chairman David Somers and the rest of his board to accept defeat and walk away from Ibrox now.

The former oldco director insists the controversial directors' days are numbered after calling a general meeting to oust them.

Somers has until Friday to confirm the shareholder session, which must then take place within three weeks - making February 27 a potentially decisive date for Rangers.

The meeting will cost around £250,000 to stage but club NOMAD Paul Shackleton has already attempted to broker a peace deal which will save the club the expense.

At a press conference in Glasgow city centre where King was joined by former Blue Knight Paul Murray and ex-brewery boss John Gilligan - who all hope to be appointed as the board's replacements - the South Africa-based businessman revealed he rejected that offer after being told it would mean saving some of the current directors from being axed.

Instead, he told Somers, James Easdale, Derek Llambias and Barry Leach the game is up after insisting his group - backed by the Three Bears - had already secured 51 per cent of the vote.

Castlemilk-born King said: "It must be as clear to them as it is to me that the outcome of the general meeting is guaranteed once it is called. The game is over.

"We should be 23 days away (from clinching victory). The meeting should be called on Friday if the board takes the maximum time possible.

"I've had no indication from the board there is any difficulty with the requisition. They have had three weeks to look at it, so I'm assuming if they call the meeting on Friday and if it runs in 21 days then I will be back here in three weeks' time."

He added: "This is the end for this board. If somehow we did lose it, I'd just go into the market place, buy another five per cent and do it again.

"But that won't be necessary because the deal is done."

But King, who lost £20million when Rangers were liquidated, hinted he may be willing to work with Mike Ashley.

The Newcastle owner and Sports Direct founder has loaned the Glasgow giants £10million but tightened his grasp on the club's commercial division.

"I don't think it is a question of driving Mike Ashley out," said King. "He's a shareholder and I don't get any sense he's going to sell.

"What's more important is that we have a board with the influence, desire and financial capability to take the club forward. Whether that's with Mike Ashley or without him, personally I'm quite indifferent to that.

"I think he can be (an asset for Rangers). He's obviously a very wealthy guy and has shown a capacity to put money into the football club.

"He has a business which is closely aligned to the activities of the football club.

"If there was a way to work with him to create value and that value was appropriately shared between the football club and Sports Direct then I wouldn't see any difficulty with that."

If successful, King, Murray and Gilligan will form an initial three-man board before then looking to expand it with candidates boasting "independent business expertise".

He has made it his priority to return the Light Blues to a standing where they are a "dominant club in Scotland" capable of challenging Celtic for the the title as well as fighting on the continent - but admits he has not even started thinking about appointing Ally McCoist's successor as boss.

However, King insists he has received legal advice suggesting he will have no problems convincing the Scottish Football Association and AIM Market bosses he is a fit and proper person to run the club.

King was forced to hand the South African Revenue Services a cheque for £44million last year in a bid to stave off a tax investigation.

SARS claimed he owned £149million but he was spared jail after accepting liability for 41 lesser charges in relation to income tax laws.

While he expects to be "interrogated" by both the football and stock exchange chiefs, King - dubbed a "glib and shameless liar" during the case - does not expect it to stand in his way.

He said: "It's pretty easy to take out some sound-bites over 11 years of litigation. SARS spent £50million in the most adversarial litigation in the history of South Africa.

"I've been heavily criticised by judges who didn't believe my version. I've had situations where SARS were heavily criticised.

"We had about 40 different instances - sometimes I won because my version was believed but SARS got it overturned in a higher court.

"Sometimes SARS won but I got it overturned in a higher court.

"But ultimately what you are left with, if it comes down to fit and proper, is the final outcome. The unalterable outcome of litigation in South Africa is that my version prevailed over 11 years.

"SARS agreed that while there was a tax dispute, no fraud was committed."

Meanwhile, Rangers have confirmed they have banked the first half of Ashley's £10million loan but warned he still has the right to name two new directors.

It was assumed Llambias and Leach, two of the Sports Direct tycoon's close associates, had been put forward by Ashley under the terms of a previous loan arrangement struck last October.

But in a statement the club said: "The Company confirms that it has today drawn down the sum of £5million from the credit facility agreement entered into between SportsDirect.com Retail Limited and Rangers Football Club Limited and has repaid the loan of £3million to RFC provided by Mash Holdings Limited.

"As a result of this repayment, all rights of MASH to nominate two persons for potential appointment to the board of directors of the Company and RFC have now lapsed. SD has the right to nominate two persons for potential appointment to the board of directors of the Company, but has not currently exercised this right.

"Further to the Company's announcement on 27 October 2014, the Company would like to clarify the position in relation to any rights of MASH to appoint directors of RFC as referred to in that announcement. The correct position is that MASH never had the right to directly appoint directors of RFC."