Dave King has claimed that he has won his bid to take control of Rangers.
The South Africa-based businessman has announced that he has earned the necessary votes to oust the current board.
However, remaining board members Derek Llambias and Barry Leach are reportedly refusing to leave their posts. David Somers left his position as chairman on Monday.
The duo are associates of Newcastle United owner and Rangers shareholder Mike Ashley.
King has now called for this week's EGM to be cancelled as a result of the latest developments at the Glasgow club.
"All of the Rangers directors that are subject to my requisition have now accepted that my resolutions have been successful and there is now no need for the general meeting to proceed," he said in a statement.
"Mr Llambias put it best by advising me that I had achieved a 'landslide victory'. I wish to thank all shareholders, and particularly the fans, for this resounding success. The future now looks more recognisable for all Rangers stakeholders.
"Now that the incoming board and I can focus on the future I will issue a further press statement outlining the immediate and intermediate steps that we have to take as we commence the road to re-establishing Rangers to the institution that its legacy demands."
King is expected to install Paul Murray and John Gilligan as part of the new board at Ibrox Stadium.
Jack Prescott
