Rangers shareholders are working on plans for a new £10million rights issue before the start of next season . Sportsmail understands leading investors , including the Three Bears consortium of Douglas Park , George Letham and George Taylor , are prepared to put more cash into the club in return for new shares . And Dave King and other existing investors are expected to follow suit . The Three Bears loaned the club £1.5m on an interest and security-free basis this week to end any prospect of drawing down a second £5m advance from Mike Ashley ’ s Sports Direct . Dave King ( right ) and other Rangers investors are planning a £10m rights issue before start of next season . Rangers promised to utilise the cash until a ‘ medium to long term ’ funding package could be formalised . And discussions have already begun on a rights issue in July which would see existing shareholders pledge a sum of between £10m and £14m in return for new shares in the club . Sources insist chairman-elect Dave King will participate in a rights issue , which will also be open to the fans ’ groups , after interim chairman Paul Murray confirmed the South Africa-based businessman had opted out of this week ’ s short-term loan while he seeks to convince the SFA and financial regulators he is a fit and proper person . Rangers are seeking a new Nominated Advisor willing to approve King ’ s appointment as a director following 41 convictions under South African tax laws . Failure could lead to the club being delisted from the AIM stock market . Interim chairman Paul Murray confirmed chairman-elect King had opted out of this week ’ s short-term loan while he seeks to convince the SFA and financial regulators he is a fit and proper person . It ’ s understood the Three Bears and other influential shareholders would prefer the club to remain listed but will invest more money in any case , calculating that a sum of between £10m and £14m could meet the club ’ s needs over the next two seasons and meet the doomsday scenario of Stuart McCall ’ s side spending another year in the Championship . Scotland striker Steven Naismith , meanwhile , has refused to rule out a future return to Ibrox if the club return to the Premiership . The circumstances of his departure in 2012 caused ill feeling , but Naismith – a first pick at English Premiership Everton – insisted : ‘ I don ’ t know what will happen in the coming year never mind the future . Everton forward Steven Naismith refused to rule out a move back to Rangers in the future . Naismith trains ahead of Scotland 's friendly with Northern Ireland at Hampden Park on Wednesday . ‘ At the moment I love playing for Everton . Since I ’ ve been there it ’ s been a great adventure , from being a substitute and not having an impact to playing in most of the big games and having an impact . ‘ I love it at the moment but , you never know , things can change so quickly in football . I ’ d never rule anything out to be honest. ’ Backing the decision of the new Rangers regime to appoint Scotland assistant coach Stuart McCall as manager , Naismith said : ‘ It was one of the best decisions the new board could have made . ‘ I worked with him here with Scotland . He ’ s great around the squad , he ’ s straightforward even in this environment when he ’ s not the manager . He ’ ll still tell you : “ It ’ s not good enough. ” . ‘ I think it ’ s a great decision and hopefully from now until the end of the season he can reap the rewards of going in there and getting Rangers back to the Premier League . ’
Investors prepared to put more cash into Rangers in return for new shares . The Three Bears consortium loaned the club £1.5m the next two seasons . Chairman-elect Dave King is seeking to convince SFA he is a fit and proper person to run the troubled Ibrox club . Steven Naismith refused to rule out a return to Rangers in the future .