Months after review, finance questions still key at Ibrox

Progress has not been particularly swift on many of Wallace’s aims, including the fundamental one of restructuring the club’s finances and seeking the external investment required to underpin the club’s ambitions.

The attempt to appoint a chief football operations officer has stalled, after talks with the former Rangers and Bayern Munich midfielder Christian Nerlinger failed to deliver an agreement. While the idea is sound – not least because Rangers still do not have a properly functioning and extensive scouting network, let alone the kind of medical, performance and strategy support structures expected of a club of this size and the stature it wants to regain – it seemed impractical to try to recruit somebody now when the club’s finances are so fragile.

The wage of the individual alone would be substantial, but there would be significant associated costs in setting up the infrastructure and appointing new personnel. Rangers cannot currently sustain those costs.

The process of setting up fan liaison board has begun, but Saturday’s visit of Dumbarton will provide an indication of the level of disaffection amongst the fans. Some intend to buy tickets on a match-by-match basis, having chosen not to renew their season tickets, although there are additional costs incurred by the club for policing and stewarding ‘walk-up’ supporters.

The re-emergence of Charles Green brought a new round of white noise to the story of the club, but the reality is simple: Rangers need money and the board is rapidly running out of options. Dave King remains committed to investing in Rangers, via a larger share issue, but so far the board has chosen to stick to its strategy of seeking £4m initially.

That might reflect concern that a shareholder vote might not deliver the necessary permission to offer shares to non-shareholders – Sandy Easdale held the 28% of proxy votes at the last AGM – although a restricted share issue at this stage does not require a prospectus to be published.

Wallace identified a number of improvements and initiatives that Rangers require, and also the level of funding it takes – he estimated £20m to £30m – but it is the financial demands that are critical.

No other investors are lining up to put money into the club. Options are limited.