Martin Bain tried to resign three months ago, say Rangers

Bain was suspended as chief executive of Rangers last month in the wake of new owner Craig Whyte's takeover, having been one of the signatories of a statement from an Independent Board Committee which expressed concerns about the deal.

As of yesterday, Bain was still listed on the official Rangers website as the club's chief executive. But any prospect of the 44-year-old continuing in the role was effectively dismissed at the weekend by Whyte when he told Scotland on Sunday, The Scotsman's sister publication, there was no way back for either Bain or finance director Donald McIntyre, who was also suspended.

Whyte was highly critical of the Independent Board Committee's conduct, accused former directors of leaving Rangers "disgracefully" and said there was "no need to have a chief executive" following his weekend appointments of Gordon Smith and Ali Russell as director of football and chief operations officer.

Bain is clearly upset at learning of his fate through the media and issued a statement declaring his intention to pursue the matter in court.

"It was not pleasant for me or my family to read in newspapers that I had been replaced and never to return to the club I have served with pride," said Bain.

"However I will now hand matters over to my legal advisers. Those responsible will have the opportunity to explain what they have done and why in court. I would hope not to comment further now that I have instructed legal proceedings and will leave matters to my advisers."

Bain joined Rangers in 1996 as a marketing executive and was made a director by then Ibrox owner Sir David Murray five years later.

His meteoric rise continued with his appointment as the director of football business in 2002 before his promotion to the position of chief executive in February 2005.

In September last year, Bain's salary was increased by 35 per cent from 468,000 to 633,000 a year.

"Serving Rangers FC for the last 15 years has been a privilege," said Bain in his statement, "and although we have had tough times, I have always had the loyal support of our fans and supporters.

"I would like to thank everyone for their messages of support and for those in the wider Rangers family who have expressed their disappointment in the way my situation has been dealt with."

Rangers responded last night, issuing a statement which claimed Bain had offered to resign his position three months ago.

The club add that they are continuing to look into "serious allegations" surrounding Bain who they say has declined to appear at a scheduled hearing about his position due to take place later this week.

"We are surprised that Martin Bain has issued a statement in respect of his employment relationship with the club as it has recently come to light, as late as last week, that he had tendered his resignation in March," read the Rangers statement.

"We were investigating the circumstances surrounding that purported resignation and a number of other serious allegations and are seeking his response to a number of legitimate questions we have of him.

"We had hoped that Mr Bain would attend a meeting with an independent investigator this Friday and hope that he will reconsider his refusal to attend this meeting," the statement went on.