DAVE KING was today appointed Rangers chairman - and insisted the Glasgow institution's financial position was the envy of football clubs across the globe.

King finally took up his position at a Gers board meeting at Ibrox as a result of being passed as a "fit and proper" person by the SFA on Tuesday.

The wealthy South Africa-based businessman has vowed to bankroll the rebuilding of his boyhood heroes to the tune of tens of millions of pounds.

The SPFL Championship club is operating at a loss and director Paul Murray has confirmed they have needed to agree a £1.5million loan with King for working capital.

The Light Blues also owe Mike Ashley £5 million - and the Sports Direct tycoon has security over all of their assets bar the stadium as a result.

In addition, they currently aren't a listed company after being booted off the AIM Stock Exchange last month for failing to find a nomad to replace WH Ireland.

But King, who revealed that contact had been made with several potential new backers, is confident Rangers are an extremely attractive proposition to investors.

He said: "Rangers are in an incredibly strong financial position. It has got shareholders who can fund it, it has got virtually no debt.

"How many clubs in the world don't have debt? Our balance sheet is incredibly strong for any football club in the world.

"We have really just got a little cash squeeze where, for the first time, Rangers have got people who are coming in to bridge that gap.

"So if I look at Rangers financially, we are one of the strongest clubs in the world financially.

"How many clubs are sitting with £5 million of interest-free debt and that is all they've got?

"We've got the fans, we've got the season ticket money, we've got the stadium, everything all paid for.

"There's not many clubs in that position. We're incredibly strong financially at the moment."

Asked if there were other parties, other than himself or the Three Bears, who were willing to put cash in, King added: "Paul has spoken to a few.

"I think we're in a fortunate position right now where we can be a little bit more careful about who we bring in.

"There are people who are interested in investing in the club. But right now I think we are covered with existing people we've got. We are covered for the next couple of years.

"As we go forward, it would be very disappointing if we're talking in five years time and the club is still requiring me and The Three Bears to put money in."

Rangers are hoping to be listed on the ISDX and Murray is hopeful King being passed as fit and proper and being appointed chairman will assist their bid.

He said: "I think it's an important step. Obviously we will have to issue a prospectus to have the club listed on the stock exchange and that will look at all the directors who are involved.

"The fact that Dave was proposed to be involved and has been passed is obviously good news and a big step forward with regards to that process."