Rangers won last season’s Scottish League Cup and were runners-up to Celtic in the other two domestic competitions. They continued their defence of this season’s League Cup into the semi-finals with victory over Dundee on Saturday and will face Motherwell at Hampden next month.
However, Philippe Clement’s side trail Celtic and Aberdeen by five points in the Premiership and will compete in the Europa League this season, starting away to Malmo on Thursday, after being knocked out of the Champions League qualifiers by Dynamo Kyiv.
King has said £50m is needed to get Rangers back in a competitive position with three-in-a-row champions Celtic.
“Dave is talking about fresh investment but he doesn’t want to invest,” said Gilligan. “I’m not sure where he thinks investment is going to come from.”
The interim chairman said King’s assessment of the state of the club is not accurate and has called on King to deliver a plan if he thinks he knows a better way to proceed.
“I think he’s got it wrong,” said the interim chairman. “I think it’s unfair. What exactly is he saying is not good? What’s he saying is going wrong?
“Give us a plan and tell me. If Dave has some terrific plan to tell me where we’re all going wrong, we read that plan and consider it.
“I haven’t spoken to Dave. Dave gave me one of the happiest days of my life when he asked me to join him [on the board] 10 years ago and I’ll never forget it. Since then we’ve socialised when he’s been over and played golf but I haven’t spoken to him, no.”
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