Dave King says there was interest from Saudi Arabia in Rangers before 49ers Enterprises and Andrew Cavenagh got involved.
The South Africa-based businessman is prepared to sell his shares in the club he was once chairman of to facilitate a takeover.
The 49ers and Cavenagh are set to take control at Ibrox by the middle of next month, although King has revealed that there was interest from elsewhere.
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He said [talkSport]: "The fact that Rangers had fallen so far behind following 55, I just felt the gap was too big to bridge looking at local investment from the directors.
"I started a project at that time to see if I could try and find someone who I could bring in who was substantial, who could take the club forward and not only had a football plan, but with a financial plan behind it as well.
"Someone with deeper pockets, someone with sustainability in terms of funding. I was talking to the Saudis at that time, then I got a call round about October from Paul Murray.
"He said: 'Look Dave, I'm aware you're trying to find investors, I've got these guys and I think they're the real deal.'
"He then put me in touch with Andrew [Cavenagh], we chatted, had a couple of initial meetings and then I asked him the one question which is when a lot of these things fall apart, which is can you give me proof of funds?
"Before I take this forward, engage with other shareholders and board members, can you give me proof of funds that you have the cash to not only buy out the existing, weak shareholders we'd like to get out, but also enough to put new money into the club?
"It was only after they'd satisfied me through their bankers. I'm not going to disclose the figure but the amount of money was very, very substantial.
"It was the amount of money I thought was needed not only to get this deal done, but to fund the club for the next two years and to bridge what I see to be the gap between us and our competition at the moment.
"Once they provided the proof of funds, we then started serious negotiations with other shareholders and directors to see if they could package something that would allow them to come in and take control."
