THE identity of the Third Man throws the Rangers saga into the realms that only a screenwriter could conjure up in moments of delirium.

The fall-out of When Sandy Met Rafat has placed further concerns over transparency at the club. There are two scripts about what precisely occurred at a meeting last week. They differ on all major points.

Datuk Faizoull Bin Ahmad, the Malaysian businessman who visited Rangers last week, has said he does not know Rafat Rizvi, a businessman wanted by Interpol, and does not know why Rizvi was at the meeting.

This is an almost direct contradiction of the Rangers statement last week that: "Mr Rafat Rizvi arrived with the Malaysian delegation without our prior knowledge. He is an advisor to Mr Bin Ahmad. Subsequent media reports suggesting Mr Bin Ahmad is in discussions with Rangers regarding anything other than youth development are untrue."

The controversy led to calls for a fans' boycott and the statements by Ahmad will do little to reassure supporters about the future of the club. They may gain some consolation from Ahmad's aside, in an interview with a Malaysian newspaper, that an unnamed countryman who accompanied him on the visit to Glasgow was interested in buying the club. It is understood he left less keen than when he arrived but he can be added to the roster of potential suitors of Rangers who have had talks and walked away. They include Bill Miller, the American trucking tycoon, Brian Kennedy, the Edinburgh-born owner of Sale Sharks, Bill Ng, a Singaporean entrepreneur, and the Blue Knights. The meeting with the Malaysians has caused a furore but it quietly speaks to a reality at Rangers. The club needs investment and the preferred, perhaps only, route, is now to find a financial Big Daddy who can bring both significant cash and strong support.

It is becoming increasingly clear that the Easdales are finding Rangers an onerous burden. Their problem is to find someone who can lift that from their shoulders. The major contenders, this month at least, are Mike Ashley, the owner of Newcastle United, and Dave King, the South Africa-based businessman.

King has been quiet after his media onslaught early in the year. He has, however, not gone away. He may not be heard in the media but his message is being spread in the City of London. He is still canvassing for support should the annual meeting - almost certainly to be held before the end of next month - decide to issue more shares. He has been consistently clear, however, about not paying money to the present board, insisting the priority is team investment.

Ashley has found that Rangers have slipped down his personal agenda over the weekend and has insisted he does not want to sell Newcastle. But there is a severe tension between owner and fans that may yet prove to be irreconcilable.

It is known that Ashley has been in talks with the Rangers board. It is obvious, too, that his ownership of Newcastle presents problems over any attempt to take over Rangers. However, his influence at the club is substantial. He owns naming rights and has control of the megastore at Ibrox and club shops at Glasgow airport and in Belfast.

It is understood a preferred option is a short-term cash infusion to see Rangers through to the season- ticket sale period next year when the club would, in the event of promotion, be seeking to raise £20m-plus. This is at the core of some supporters' lack of enthusiasm for Ashley. There is anger among some for his links with Charles Green, the former chief executive, who sold the Englishman the naming rights for Ibrox Stadium for £1. But many are worried that Rangers face a danger if the club is promoted yet does not have the money to invest in players to compete with Celtic and to claim a place in European competition.

This is what makes King's promises of a "war chest" so appealing to fans and to investors who believe that a promoted Rangers could stall badly in the SPFL Premership, leading to an enduring disaffection from fans.

The truth, of course, is that Rangers need money and they may not be able to choose a preferred suitor. Events have a habit of forcing decisions on the beleaguered club.

The financial figures are expected to be published by the end of the month. To continue the Hollywood allusions, this promises to be yet another rerun of Reality Bites.