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MIKE ASHLEY has tabled an emergency funding offer to the Rangers board after helping to kill Dave King’s £16m bailout plan stone dead.

Record Sport can reveal the Newcastle United owner has been in discussions with the crisis-torn Ibrox regime in the last 24 hours after it became clear that King and his consortium had failed to win enough shareholder support to push their rescue package through.

Now Ashley believes his cash is the only option left to a club which is facing imminent financial distress and which, without securing new funds, may be unable to cover November’s wage bill.

In return for his loan he will demand control of the Rangers boardroom with the immediate removal of chief executive Graham Wallace and finance director Phil Nash - with Ashley handpicking their replacements.

poll loading Who would you rather see in control at Ibrox? 1000+ VOTES SO FAR Dave King Mike Ashley The present board Somebody else

Ashley’s proposal is currently under consideration by the board.

Wallace and Nash had been supporting King’s group but that deal was torpedoed when it became clear that director Sandy Easdale - who is control of a 26 per cent bloc of shares - would not sanction a further rights issue, which would have diluted that holding.

King was also unable to secure the backing of Ashley, who currently owns 8.92 per cent of the club.

King’s offer, which was made in alliance with a group of high net worth fans including George Letham and Paul Murray, has not been withdrawn and will remain on the table but Ashley believes he is now in pole position in the battle for control of the Ibrox club and the Sports Direct boss is demanding a quick answer.

The Londoner already has control of the club’s shirt sales and retail division and, as we revealed last month, has secured the naming rights for Ibrox Stadium in a £1 deal with former CEO Charles Green.