McColl soon released a statement accepting the logic of a combined meeting.

But he continued to call on the board to accept the proposals for change, which were backed by Walter Smith when he quit as chairman and have been endorsed by supporters' groups. McColl said: "Over the last couple of days we have been approached by members of the Rangers board seeking to explore whether there may be scope for a negotiation on the composition of the Rangers board which would avoid the need for a general meeting. "These discussions were conducted in good faith but unfortunately the board was unable to deliver the changes sought by the shareholders who have requisitioned the general meeting. "We are aware that the company is due to have its first AGM in October and so, in the interests of saving the club expense and time, we have discussed with the board a proposal to combine proceedings with the resolutions we sought as part of a general meeting being followed by the 'normal' business of the AGM. "To allow time to deal with the mechanics of combining the resolutions which would otherwise have come up at two separate meetings, we have agreed to give the company until close of business on Tuesday 27 August to agree the terms of the legal paperwork. "In the meantime we would encourage the board to make the changes that we believe are being demanded by the majority of stakeholders in the club."