Rangers have announced that director Philip Nash has resigned from the club's board.

The news comes after a statement was released earlier this month claiming that Newcastle United owner Mike Ashley wanted to remove chief executive Graham Wallace and Nash after increasing his stake in the Scottish outfit to nine per cent.

Rangers released a statement via their official website saying: "The company announces that Philip Nash has resigned from the board of Rangers ('board') with immediate effect.

"The board would like to thank Mr Nash for his significant contribution to the company during what has been a particularly challenging period."

According to Sky Sports News, Ashley has proposed an emergency loan offer to Rangers with the positions of the club's board guaranteed in return.