Charles Green may have challenged him to put up the funds, but Jim McColl says he is not looking to lead a Rangers takeover. Here is his statement in full.

Walter Smith's recent spell on the board of Rangers, initially as a non-executive director and more recently as chairman, has been a very turbulent and stressful experience working with what he described in his own words as a "highly dysfunctional board".

As chairman sometimes you have to "toe the party line" and support your board's decisions and I know Walter has tried to do just that. However following the recent decisions by the board he has made it clear that he found himself in an untenable position.

Over the last few months I have been contacted by fans' groups, shareholders and other interested parties who have become increasingly concerned about the bitter infighting that has gone on within the boardroom.

My company has a very focused investment strategy, investing in engineering businesses in the power industry, oil and gas, mining and minerals, water and waste water and petrochemicals. I have two private equity funds with over 40 loyal, dedicated investors to whom I have given an undertaking that I will focus 100 per cent of my time, money and attention on the businesses in which we are jointly invested.

Let me make it very clear, I am not seeking to join the board or to increase my shareholding in the club. I am a small shareholder like many of the club's fans and have no intention of increasing my position in the short to medium term. I am 100 per cent focused on my own businesses and the strategy which I have agreed with the investors in my funds. I am duty bound to honour that agreement.

This is not because I don't believe investing in Rangers would be a good investment, it is because of the commitment I have made to my own businesses and to my partners. On the contrary, I believe that with a strong reconstructed, effective and highly competent board to restore financial transparency, stability and success to the club, it is a very attractive investment opportunity.

This requisition for change is not about any one person or group of people trying to gain a controlling position, this is a demand for change by some very concerned investors, fans and other stakeholders.

Things have to change to allow the club to move forward with ambition and confidence.

The board needs to be constructed to reflect balance, independence and experience to operate in the best long-term interests of the club, fans and shareholders rather than the interests of a small clique.

Walter said in his statement that stepping away from the club was heartbreaking and tougher than any decision he had to make as a manager. Walter as chairman should have been given the position he has rightly earned to be an ambassador for the club, to offer wise counsel in the many facets of the club's operations, ranging from representing the club; helping set the club's tone and standards; working with the communities we serve; liaising with the fanbase and helping the club rebuild its reputation with the football regulators.

He should be able to rely on his board to bring its expertise on the business oversight and governance of the club in areas such as finance, investor relations and commercial activities. All of which should be delivered through a strong executive with accountability and transparency.

I would hope that once such a reconstructed board is put in place Walter would consider returning to fulfil this role.

Walter has called on everyone to FULLY support the resolutions which last week were presented to the board. He is imploring everyone including the board to back the proposed changes so that much-needed stability and a level of integrity can be restored to the Ibrox boardroom.

With regard to the chief executive's appointment, Walter has said that he respects the work that Craig has done. However, in the circumstances, where no formal process has been followed to fill the position, I believe that it would be best for Craig Mather to step down from the board and remain as a candidate for the role alongside external candidates as part of a formal selection process. The board should undertake a proper search to identify the best candidate for the job.

I would support Walter's call and urge the board to do the right thing and accept the changes proposed in the requisition recently received from a group of concerned investors. Acceptance will avoid the unnecessary expense, disruption and delay of a general meeting.

This is an important step towards building a strong, effective, highly competent board to restore financial transparency, stability and success to the club.