After a meeting with the board, the 59-year-old agreed to delay plans to start a trust fund for supporters to pay season-ticket money into following a promise that Rangers would release the findings of their 120-day review.
However, King has claimed that the Scottish outfit have not kept their promise and has called on fans once again to trust him with their season-ticket money, which will then be drip-fed into the club.
In a statement, King said: "I followed up on this commitment with the board after the recent announcement on season ticket renewals. The chairman has advised me that the board will now only issue the review at the end of the season ticket renewal period and it will consequently not be timeously made available to fans.
"Disturbingly, the chairman has advised me that the true intention of the board had always been to delay issuing the review until funds had been largely collected. Richard Gough has agreed to join me as a custodian of the bank account that will be established and fan groups can nominate additional members.
"It is common cause that the club is not a going concern without access to the season ticket loan from the fans. It is also common cause that the season ticket money will only provide partial relief in advance of a more permanent recapitalisation.
"I have hitherto urged restraint in dealing with the board, however due to this extreme act of bad faith I believe that it is vital that fans now withhold season ticket money from this board and similarly refuse to support the club by way of the purchase of replica kit or any other retail product."
Rangers' accounts from last year showed that the club had spent 97% of turnover on salaries.