pending an investigation.

"It is also noted that Mr Llambias and Mr Leach, along with Sandy Easdale, have been advised that a resolution to remove them as directors of the company has been received by the company. A meeting may be required for this purpose but it is hoped that this will not prove necessary.

"Acting chairman Paul Murray, fellow directors Douglas Park and John Gilligan, and the club's head of football administration Andrew Dickson have been appointed to the board of the company."

Llambias and Leach will not operate as chief executive and finance director while the suspension is in place. It is understood they have agreed severance settlements.

King has said it would be "challenging" for Mike Ashley, the owner of Newcastle United, to request two places on the boardas part of a deal struck to provide a potential £10m of loans. King has also said the money is in place to pay back Ashley should he wish to reclaim the £5m the Sports Direct mogul has lent so far.

It is understood the investigation that has led to the suspensiosn will examine financial management in recent months including how a loan by Mike Ashley was favoured over King's £16 million takeover bid.

The Three Bears group of Park, George Letham and George Taylor also had a £6.5m loan offer rejected in favour of two tranches of £5m that were made available to Rangers' through Ashley's Sports Direct group.

As part of the loan agreement, Ashley's Sports Direct became the "ultimate controlling party" of Rangers Retail instead of the club