[16] Off the field issues continued to overshadow the team, although initially things seemed to have pacified when former manager Walter Smith was appointed as chairman of the Plc board in May,[17] however, he lasted less than two months before resigning.

[35] Mather's meeting with King caused unease in the Rangers boardroom and was thought to be the reason behind his removal as chief executive on 16 October leaving only two directors on the Plc board.

[36] The lack of corporate governance was criticised by Rangers nominated adviser[37] and led to the appointment of David Somers as non-executive director and acting chairman a few weeks later.

[52] Indeed, in early February Wallace was forced to deny claims that the club was on the brink of a second insolvency event,[53][54] however, two-weeks later Rangers borrowed £1.5m from shareholders Sandy Easdale and Laxey Partners for working capital.

[55] The loan agreement was widely criticised, as Laxey Partners stood to make £150,000 in either interest or shares by the time it was repaid and also the Albion Car Park and Edmiston House were being used as collateral.

[59] King and the supporters groups were planning to meet in order to formalise legal structures for trusts into which fans could put future season ticket money.

[62] King agreed to this meeting[63] and during a spell in Scotland in mid March, he met with several institutional investors including Laxey Partners, as well as the Union of Fans and the Plc board.

[69] However, the reality of Rangers financial predicament was laid bare just two days later by the publishing of the interim accounts, which reported losses of £3.5m in the six months to 31 December and showed cash reserves had fallen from £21.2m to £3.5m.

[76] On the eve of the business review's publication it was reported that Rangers second highest appearance maker Sandy Jardine had died aged just 65 after a long battle with throat cancer.

[77] There was a high degree of anticipation surrounding the review with journalists noting an eight-day delay and the fans hopes for detail and clarity regarding the boards future plans[78] while Rangers director Sandy Easdale acknowledged that the club financial situation was fragile.

[80] Issues regarding financial mismanagement by the board came to light from the review including £2m which was spent on stadium Wi-Fi, LED displays and jumbo screens that were deemed "non-essential" and that players were signed during the summer which executives should have known the club could not afford.

[81] Following on from the publication of the business review, Police Scotland investigated a complaint from a Rangers shareholder against Wallace regarding alleged misleading statements that he made about the club's finances at December's AGM.

[82] This led to calls from the Union of Fans for Wallace to be suspended pending the outcome of the investigation[83] while Dave King demanded the police probe be extended to include all of the Rangers board.