Graham Wallace formally handed in his resignation from the Rangers chief secretary post yesterday, with former Newcastle managing director Derek Llambias hotly tipped to replace him.

Llambias's expected arrival follows confirmation that a £2 million loan from Newcastle owner Mike Ashley has been accepted by the Glasgow club and is another indication of Ashley's increasing influence at Ibrox.

The loan, effectively handing control of the club to the Sports Direct tycoon, was announced to the London Stock Exchange yesterday morning.

As part of the deal, Ashley will now be allowed to replace Wallace and former finance director Philip Nash - who resigned on Friday - with his own directors.

Llambias was expected to be the first arrival, with reports suggesting Stephen Mucklow will follow soon after.

Wallace was brought in last November to lead the restructuring of the club but quickly drew fans' ire for failing to reveal the true state of Rangers' fragile finances.

He also found himself at odds with football board chairman Sandy Easdale - who controls a 26 per cent stake in the club - for trying to push through a Dave King rescue package.

Easdale backed Ashley to bring financial stability at Ibrox.

"Mike's a very wealthy individual and he really does want to help the club," he said.

Rumours abounded that Ally McCoist would be next out of a job but the Rangers legend insisted his manager's post was safe.

"Having spoken to both gentlemen (Easdale and PLC chairman David Somers), they have confirmed to me that they want me to continue my job as Rangers manager," he said.