With yesterday’s news that the Rangers board had rejected US businessman Andrew Sarver’s offer to buy a majority stake in the club, it looks as though a deal must be done between one of the three factions or the Ibrox club could be on the brink of administration.

Sarver, who owns NBA side Phoenix Suns, had offered £20 million to buy a majority stake plus a £6.5m immediate loan on January 8 to help alleviate the financial black hole that Rangers find themselves in. But that offer was rejected by the Rangers board in a statement to the London Stock Exchange yesterday morning.

The board stated that neither Sarver’s first proposal nor a revised one would get the needed 75 per cent majority at a shareholders’ meeting.

After the news that his second bid was rejected, Sarver pulled the plug on his offer.

Sarver commented: “I’m disappointed the Rangers board has rejected my revised offer, which addressed the club’s immediate and long-term needs.

“Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who’ve been very warm and supportive towards me, that it works out.

“I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask.”

With no loan forthcoming from Sarver and Rangers struggling for money to pay running costs let alone staff wages at the end of this month, the only options left open to the under-fire Ibrox board is to either do a deal with Dave King, the Three Bears consortium or go to Newcastle United owner Mike Ashley — with begging bowl in hand — to ask for more money.

Sports Direct billionaire Ashley

may not be as forthcoming with another emergency loan as he has been previously, with a Scottish FA charge hanging over his head for dual ownership breaches and being prevented from taking his shareholding over 10 per cent.

Not only that but Rangers already owe him £3m from a crisis loan handed out to the Championship side at the end of last year with two of the club’s major assets secured against them – Edmiston House and Albion Car Park.

Any further loan from Ashley could see Murray Park — Rangers’ training ground — secured against it. But this is highly unlikely and it means that a deal must be done with either Dave King or the Three Bears consortium.

The Three Bears — made up of George Letham, Douglas Park and George Taylor — are seen as the lesser of two evils and are already in talks with the board about stumping up the finances needed to see the club through to their next share issue — their third in as many years — but will want a return on their money: at least two places on the Rangers board.

Dave King, despite the positive rhetoric from the statement issued on behalf of Sandy Easdale, is seen as a pariah who led the campaign to starve the club of much-needed season ticket revenue and who continues through his patsies the Union of Fans group, who are boycotting games and club merchandise.

And the likes of Ashley, chairman David Somers and the Easdale brothers will be looking upon King as more of a thorn in their side than someone to help them.

Rangers have already sold their best player, Lewis MacLeod, for a cut-price £850,000 to Brentford at the start of the month. More departures could happen soon to free up some cash.

January’s wages are due to be paid in the next two weeks, along with tax payments. If they do not receive funding this week they could be forced into administration before the League Cup semi-final clash against auld rivals Celtic, much to the delight of the Parkhead club’s supporters.