Q&A... ON YET ANOTHER DAY OF IBROX DRAMA

Another eventful day at Rangers, has Dave King finally won then?

Not officially, but King claims Derek Llambias has told him it was a landslide in terms of the South Africa-based businessman — and allies Paul Murray and John Gilligan — replacing the existing directors. Confirmation the current board knew the shareholder vote was against them effectively came with the resignation of chairman David Somers on Monday.

But Llambias and Leach haven’t gone. Are they on the way out?

Yes, one way or another. Unless there has been a massive arithmetical error somewhere, King will oust them as directors at Friday’s EGM and then sack them from their positions as chief executive and finance director, respectively. King claims the fact they are digging in just now is for ‘personal gain’. Either that or it is simply to make life awkward for the incoming regime.

So, if the current board is on the way out, why did they start to draw down the second £5million from the Sports Direct loan?

A very good question. The board — now reduced to Mike Ashley associates Llambias and Leach — claim they need the money to ‘meet cash requirements for the third week in March’ but there is still some time until this month’s pay day arrives. The conditions attached to the loan — the first £5million of which was paid in January — may be more instructive: It enables Sports Direct to appoint two directors to the Rangers board, potentially raising the prospect of Llambias (pictured) and Leach being reappointed after King ousts them. Ashley also gained further commercial and merchandising rights for his money. It looks like the Newcastle owner is

digging in.

But repaying the loan will cancel those conditions, how quickly can King and his allies do that?

Speaking last month, King claimed it would not be a problem to refinance and give Sports Direct their money back. He also insisted Ashley was someone he could do business with. Yesterday’s events suggest that business might be of a hardball variety.

What about the £7,500 Ashley was fined by the SFA for breaching ‘dual influence’ rules?

He has probably earned more in the time it has taken you to read this sentence. A slap on the wrist. With a sponge.