THE Rangers story is almost certain to have leading roles for The Three Bears and Dave King but there are enough twists left to be negotiated before anyone can live happily ever after.

 

These, in no particular order, can be headlined: the Panel of Takeover and Mergers, the Mike Ashley conundrum, the Scottish Football Association involvement and what happens in the short-term to a club that needs £8.3m to survive the season and has little if no cash reserve.

The takeover panel is a serious matter. "You don't mess with them,'' said a City source last night. Briefly if the panel finds that the Three Bears and Dave King have acted in concert to buy shares then it can impose severe sanctions that include a referral to the Financial Conduct Authority. This could involve penalties that could never be described as a slap on the wrist, including suspensions and bans from holding office. "There is a fear that if you get on the wrong side of them that it is tantamount to being told you will never work in this town again," said another City source who has an investment in Rangers.

Another business source pointed out, too, that The Three Bears should have approached the takeover panel immediately it learned of King's purchase. The takeover panel's documents state clearly that if anyone is a "any doubt" about what constitutes a "concert party" then he or she should contact the panel immediately.

Sources close to the Three Bears insist there has been no prior collusion and any scepticism to that claim may be diluted when one considers that King is considered a "lone wolf'' in business terms who may have been sparked into action by the consortium's purchase of shares.

If the consortium was forced by the authorities to offer cash for shares then it could be a bonanza for those, believed to include Blue Pitch and Margarita Holdings, who purchased their shares at 1p and would have to be offered the highest price any of the Three Bears paid for shares. That sum is, at least, 20p.

This matter, of course, will be resolved by the authorities.

A decision, too, may have to be handed down over King's involvement on a Rangers board. There has been much speculation over whether the South African based businessman would pass'' a fit and proper person test''. There is, of course, no such test.

King's case to be a director of Rangers would have to be presented to the SFA. It would most likely be considered by the judicial panel. The businessman would point out that while he did work for a board that was in charge as Rangers headed towards liquidation, he was a dissenting voice who articulated his fears and concerns to the outside world. The panel would then make a decision but even if it rejected King, he could hold power without having a seat on the board, this may be known as the Ashley option.

And what of Big Mike? It is impossible to predict what he might do because he is as communicative as a Trappist monk with laryngitis. However, it is known that his associates have become increasingly dismayed by the situation at the club.

There is scope then for interested parties to make a deal with the Newcastle United owner whose priorities must be, firstly, to protect his £3m loan and, secondly, to safeguard a merchandising deal that is heavily weighted in his favour but currently consists of having a lot of stock he cannot sell.

It would therefore appear to be in his interests to come to an agreement with whomever he sees as the most likely group to stabilise the club.

The Sports Direct entrepreneur has a crucial influence in the club and could be the first port of call as the financial storm buffets the club. Whatever happens, Rangers need money now.

Last night there were reports of an imminent financial meltdown. Ashley would be first in line to be asked to give yet another crisis loan. This would take the club's debt to the Englishman to, say, £5m.

The Three Bears, with or without King, would thus have to find the £8.3m to make it until the end of the season, plus weigh in with Big Mike, plus address maintenance problems at Murray Park and Ibrox.

It is a considerable task but one that does not seem to dismay the suitors. It may be that they believe that if they weather the storm - through loans or helpful funding from other businessmen, though not the man from the Phoenix Suns - they can find some sort of safe harbour in increased season ticket tales. It may be, too, that King or anyone of the others is prepared to stump up and slowly take the club in an era where it can be delisted from the AIM.