Rangers chairman Dave King says he does not intend to sell his Ibrox shares but has confirmed plans for a share issue.

King announced at the club's AGM in November that he would step down from the helm after five years in charge.

"I am not selling any shares," King told the Press Association.

"As I said at the AGM, we will raise new funds.

"No existing shareholders are selling."

The South Africa-based businessman owns a 25.58% stake in Rangers held by his family firm, New Oasis Asset Limited.