Former Scottish Championship side Rangers Dir Dave King on Tuesday night "emerged from crunch talks with the Rangers board and declared he is confident a deal can be struck" over his proposed £16M ($25.5M) bailout, according to Jackson & Gannon of the Scotland DAILY RECORD. King flew into Scotland from South Africa on Monday night to "meet up with mysterious wealthy supporter" George Letham and they arrived at Ibrox Tuesday afternoon. The pair spent around two hours "locked in discussions" with Rangers Chair David Somers, CEO Graham Wallace and Dir Philip Nash before "coming out in bullish mood." King refused to "divulge details of the meeting but when asked if he was optimistic their bid would be accepted," he said, "Yes, we are." It was reported last week that King had "teamed up with Letham and former director Paul Murray to bankroll an urgently needed rescue package that would enable the club to stave off yet more financial distress." In return for the "huge cash injection," King and his group want a 51% stake in Rangers through the issue of new shares. The bailout talks were expected to continue on Wednesday and King "may even
attempt to make contact" with EPL side Newcastle Owner Mike Ashley -- who owns an 8.92% chunk of Rangers -- during his visit to "see if common ground can be found" (DAILY RECORD, 10/15).
