Newcastle chairman Mike Ashley is proposing an emergency loan offer to Rangers.

Sky Sports understands that Mike Ashley is proposing an emergency loan offer to Rangers in exchange for a guarantee of positions on the club board.

At the same time, finance director Philip Nash has resigned from the board - Nash was one of two executives whom Ashley had demanded be removed before he stepped up his involvement in the club.

The move comes after former director Dave King failed to reach an agreement with the Rangers board over a proposed £16m cash injection into the Scottish Championship club.

And just to add to the confusion it appears Sale Sharks owner Brian Kennedy, who tried to rescue the club from administration, has launched a counter offer to Ashley's.

I don't see the offer of a short term loan by Ashley as affecting me in any way. Our offer is for a long term permanent solution that can take the club forward. Dave King

In a statement released shortly after Ashley's offer was proposed on Friday afternoon, King released a statement saying his position was unaffected.

He said: "I don't see the offer of a short term loan by Ashley as affecting me in any way.

"Our offer is for a long term permanent solution that can take the club forward. It is already known that the board is in the final stages of reviewing our offer. I don't see how the board can do anything other than recommend it to shareholders given the dire financial circumstances.

"Ashley cannot provide a long term equity solution. What he can do is provide short term debt and I am sure he will try to gain some commercial advantage for himself in the process.

"But I know that there are other investors also willing to provide bridging finance so the board will not have to accept punitive terms if Ashley attempts to oppose them. We must remember that the board is ethically and legally bound to act in the best interest of the company and all shareholders. Ashley can not expect preferential treatment."