The Rangers board will have to wait until next week to discover whether they can forge ahead with plans for an exclusive share offer.
The board has proposed a special resolution at the club's annual general meeting to offer shares to investors without needing to involve all existing shareholders.
The move is designed to provide much-needed cash and also dilute the influence of shareholder and Sports Direct founder Mike Ashley, who chairman Dave King accused of "bullying" members of the board.
The resolution needs 75 per cent support and a similar vote fell just short last year. Club secretary James Blair told the AGM on Friday morning that the results of all resolutions were not expected until early next week.
King revealed that Ashley and former directors James and Sandy Easdale had formed a bloc in a bid to oppose the plan.
The South Africa-based businessman added that investors had pledged to turn loans into equity if the special resolution is passed. The club has received about £13m in loans from shareholders including King.
King said: "We have to spend more than we earn for an as yet undetermined period. The operating deficit we are running is a necessary compensation for under-spending in prior years.
"These major shareholders and directors are committed to swapping loans for relevant equity capital if Resolution 11 is passed.
"The need to expand our board to encompass non-executive directors is pressing but not possible at this time.
"The last year has seen continuing attempts by Mike Ashley/Sports Direct to bully the company's directors by suing them in a personal capacity.
"The present board comprises supporters who signed up for this challenge and who are not intimidated in the slightest by such bullies."
During a question-and-answer session, King stated there was a plan B to get further investment from other avenues if the special resolution was not passed, adding that the funding plan was completely separate from the business plan.
When asked if the board was in a position to keep providing soft loans for three years if Ashley kept bringing legal action, King said: "The Sports Direct situation is out of our control. If he keeps bringing action we will keep resisting it."
Rangers and Sports Direct are involved in an ongoing legal dispute over the club's retail and merchandising contracts.
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