Rangers chairman Dave King has said he expects £6m to be made available to the club via a share issue next month.

However, the South Africa-based businessman said no external investment is currently in the pipeline.

A new share issue is to take place at Ibrox as the club look to raise further funds.

Asked how much fresh cash will be made available as a result, King said: "We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans."

King was unwilling to place a figure on the transfer budget that will be made available to Gerrard as the Liverpool legend looks to reshape the Light Blues squad.

He added: "We don't put figures on that because we can't.

"We have given a commitment that we will continue to invest in the squad, and will be a net investor.

"We will provide additional net funds to him.

"He will sit down with Mark (Allen) and determine that.

He added: "I think Steven and Mark will tell us that because it depends on how many of the players Steven wants to keep.

"We haven't even discussed it.

"It's not something he would discuss with me, he would discuss that with Mark and then they would come back to the board.

"They will have to figure that out and then come back and say 'this is our player plan'.

"Right now, we don't have a player plan because Steven hasn't really looked at it."

Asked if external investment was likely to boost Gerrard's work at Ibrox, King said: "At this stage, there is nothing external other than existing shareholders and investors.

"We're not talking to anyone new who is not there already."

In February, King lost an appeal against a court ruling forcing him to offer £11m for the club's remaining shares.

At a media briefing on Monday, King was pressed as to why he hasn't completed the legally binding process.

He said: "About four weeks ago now, it got to a point where I agreed with the takeover panel that while I wouldn't make a formal offer, one of my trust companies would make a formal offer.

"The takeover panel would accept the company offer as being from me personally, as they know that I would never make an offer.

"They accepted that, they asked for proof of funds which we gave them.

"They then asked for the funds to be ring fenced in a separate account, to make sure the funds could only be used for the purpose of the shares.

"We agreed to that.

"Then about two weeks ago, the takeover panel approached me again to say they were unhappy with the funds being in South Africa and would like them relocated to the UK to be held in sterling.

"I was happy to do that, but would have to open a bank account in the UK which I agreed to do.

"That, though, requires an extension of the period as I can't get through the various processes in time to meet the deadline.

"They didn't grant the extension.

"They have proof of funds in South Africa, but they wanted it relocated to the UK and that takes time, hence delay.

He added: "It is important to stress that this is nothing to do with the football club, it makes no difference to the football club.

"This is an issue between myself and the shareholders of the holding company.

"It has nothing to do with the team and with funding."