Rangers International Football Club plc announced that a requisition put forward by a group of disgruntled shareholders which would change the face of the boardroom had been withdrawn in return for a guarantee over the date of the Ibrox club's annual general meeting.
It is understood the shareholders group, led by engineering tycoon Jim McColl, will forego an extraordinary general meeting to take their demands to the agm, which is expected to be held no later than October 31. It is believed all directors of the company will be up for re-election at the meeting, allowing the shareholders group a forum to make their proposals for change.
The announcement means Craig Mather, Rangers' chief executive, finance director Brian Stockbridge and director Bryan Smart will stay on the board for the time being. However, those shareholders who called for their removal in the requisition are expected to do so again at the agm.
They are also now expected to propose appointing former Rangers chairman John McClelland, the former Blue Knight Paul Murray, Sandy Easdale - brother of current non-executive director James - and the accountancy expert Frank Blin as directors at the agm.
A Rangers statement to the London Stock Exchange confirmed the board had been continuing talks with representatives of the requisitioners. In addition, the statement read: "All of the current directors remain in office and that it is not appointing any additional directors save that as previously announced, the company confirms that it continues to actively seek to appoint a new chairman."
Rangers last week announced an agreement had been reached to bring Blin, Murray, Sandy Easdale and McClelland on to a new nine-man board. However, the disgruntled shareholders subsequently denied the club's claim that they had agreed to a vote of confidence in the board.
Fans have supported the removal of the directors because of further financial issues at the club. A fans' meeting last month learned there was only £10m in the club's account, despite raising £22m from a share offering and more than 70,000 season ticket sales over two seasons.