The South Africa-based businessman lost two hearings in the Court of Session after the Takeover Panel took action following its assertion that he had acted in “concert” with three other stakeholders when he launched his Ibrox boardroom coup in March 2015.
King now has until next Thursday to contact shareholders with an offer to buy up the rest of the remaining two-thirds of the club’s equity at 20 pence per share and it is understood that plans to distribute the offer document are now in place.
If fully subscribed, King could be faced with a bill for £10.75million. But club officials are not expecting a major take-up, with shares in Rangers International Football Club PLC - which trade on JP Jenkins, a secondary market platform for “unlisted” companies - currently selling at 27.5p pence per share.
King will use funds from a company owned by one of his family trusts to finance the offer.
It is also understood that a planned share issue that will allow King and his fellow investors to convert loans handed to the club into shares, as well as potentially generating fresh finance, will take place “within weeks, rather than months”.
The share issue will take place in the wake of Sunday’s humiliating 4-0 defeat by bitter rivals Celtic, with boardroom decisions and performances coming into sharp focus.
Meanwhile, Rangers are expected to confirm a new kit deal with Danish sportswear firm Hummel in the coming days.
A three-year agreement has been struck, with sources close to the club suggesting it will generate “two to three times” the sums produced by their present arrangement with suppliers Puma.