The Ibrox chairman, who admitted that there are no plans for external investment, revealed today that a new share issue would take place as the club focuses on raising further funds.

• READ MORE - Rangers chairman Dave King says funding available for Steven Gerrard

King said at a press conference today: “We haven’t decided [how much money will be available] but at the moment I am thinking about £6 million new cash in the balance converted to loans.”

Dave King takes in Rangers' home game against Kilmarnock. Picture: PA

The South African-based businessman wouldn’t be drawn on how much money would be available for new Rangers manager Steven Gerrard to spend on signings.

“We don’t put figures on that because we can’t. We have given a commitment that we will continue to invest in the squad and we will provide additional net funds to [Gerrard].

“He will sit down with [Director of Football] Mark Allen, and determine [how much he needs].”

King pointed out that there was no “player plan” at this stage because Gerrard hasn’t had a look at it.

He added: “It depends on how many of the players Steven wants to keep. We haven’t even discussed it - it’s not something he would discuss with me.

“He would discuss it with Mark and then they would come back to the board. They will have to figure it out and then come back and say, ‘this is our player plan’.”

The Ibrox chairman poured cold water on rumours of fresh investment from outwith the club, adding: “We’re not talking to anyone new who is not there already.

“There is nothing external other than existing shareholders and investors.”

Rangers plan new share issue as Dave King gives update on transfer budget