Dave King has won his battle with the board at Rangers but now faces yet another challenge to reach an accommodation with Mike Ashley, the Sports Direct tycoon, over the future of the club.

King, the South African-based businessman, and his allies have secured enough proxy votes to win the general meeting scheduled be held this week and the capitulation of the incumbent board was effectively sealed by the resignation of David Somers, Rangers chairman, this morning.

However, it is understood that Derek Llambias, the chief executive officer, and Barry Leach, the finance director, are determined to stay in their posts.

Both have been close colleagues of Ashley in the past and are perceived to be watching his interests at the club where he holds a merchandising deal and security over assets as part of loans granted to Rangers.

A City source last night told The Herald: "Ashley is not going to walk away from this. There has been talk that King wants to renegotiate the deals with him over merchandising but Ashley is determined to hold the influence he has built up."

The Herald understands that no talks between King and Ashley have taken place. However, a meeting with the owner of Newcastle United owner will be high on King's agenda when his victory over the incumbent board is confirmed later this week, almost certainly without the annual meeting scheduled for Ibrox.

"There seems little point in a formal meeting now," a City source said last night. "King and the Ibrox board have counted up the votes and a meeting would only serve as a formal coronation."

The resignation of James Easdale as a director last week was the first substantial indication that King and his allies had control of enough shares to take power at Ibrox. The Three Bears consortium - George Letham, Douglas Park and George Taylor - have supported King and were joined by fans' groups.

King holds almost 15% of the club but was guaranteed backing that would have seen him smash through the 51% barrier.

His first move will be to appoint Paul Murray and John Gilligan as directors. The three men presented a united front to a press conference in Glasgow last month.

King was confident even then that he would prevail in the power struggle and believed he could do business with Ashley.

The latter sentiment will now be put to the test as the former Rangers director now has to come to agreements with the Newcastle United owner who holds just under 9% of Rangers but who has loaned the club £10m and has as security almost all the club's assets save Ibrox Stadium.

Ashley faces a Scottish Football Association hearing this week over alleged rule breaches over undue influence at Rangers. King, too, will face scrutiny from the football authority over whether he is fit and proper to have influence over Rangers after being convicted of tax charges in South Africa.