When Dave King, the former Ibrox director, flies back to Scotland tomorrow, he will discuss the issues surrounding the club with the key individuals and ascertain whether or not an agreement can be brokered. Either a consensus is reached that brings all sides together, or entrenched views are carried into the annual meeting and subjected to a shareholder vote.
King will meet with Sandy Easdale, who along with his brother James owns or has the proxy for around 25% of the Rangers International Football Club shares. Discussions will also be held with Paul Murray, whose reappointment to the board - along with Malcolm Murray, the former chairman, Scott Murdoch and Alex Wilson - is backed by a group of institutional shareholders who hold around 28% of the club between them.
Both sides expect to have confirmed support amongst other shareholders, but the reality is that neither can be certain of winning a vote at the agm, which looks likely to be held in December, at least if the venue is to be Ibrox. While commitments at the stadium prevent the meeting being held at the stadium until then, Rangers have previously held their agm at different venues in the city.
The status quo is unsustainable, though, with only James Easdale and Brian Stockbridge, the finance director and company secretary, sitting on the RIFC plc board. While legally acceptable, it is not suitable for a company of RIFC plc's needs, and the onus is on the Nominated Advisor (nomad), which manages the listing on the Alternative Investment Market, to appoint new board members, a chief executive and a new chairman who meet with broad shareholder approval.
Paul Shackleton, of nomad Daniel Stewart, has been meeting shareholders to this end. While Daniel Stewart are out of their depth operating at this level, they are very much under the scrutiny of the AIM regulators. King had agreed to become chairman, and completed all of the relevant paperwork, but his appointment has not been processed.
With the Easdale brothers - Sandy sits on the Rangers Football Club board - effectively the seat of power within Ibrox, they are in control of the next stage of proceedings. If they can reach an agreement with King, who is prepared to invest, probably by way of underwriting a fresh share issue, a united front could be achieved. The alternative is to make their own boardroom appointments and lobby to have them retained on the board at the agm vote.
King is a long-time associate of Paul Murray, and would support Murray's appointment to the board. He also recognises the need to meet with the Easdales, who have a stake in the club. The exact nature of the Easdales' agreements with Blue Pitch Holdings and Margarita Holdings - two investors who were part of the original consortium fronted by Charles Green that bought the business and assets of Rangers Football Club plc in liquidation last summer - remains unknown.
In effect, though, the quest is for stability, both immediately and in the long-term. King is a potential chairman in waiting, while the two Murrays, Murdoch and Wilson are additional board members in waiting. An interim chief executive is also prepared to step in, along with the new directors.
King is also almost unanimously backed by the supporters, who will rally behind his next move. As fans themselves, the Easdales are believed to want the best for the club. The challenge is now implementing that.