That summer saw continued discontent with various fans groups, alongside Dave King, attempting to influence the board by withdrawing season ticket money.

[3] However, the initial intention of raising up to £10m through an investment plan by the end of August failed when city investors did not purchase enough shares, therefore, the club relaunched a £4m issue open to all existing shareholders only.

[6][7] Concurrently, Rangers former commercial director Imran Ahmad finally succeeded in a bid to have £620,000 of club assets frozen prior to pursuing litigation over an alleged unpaid £500,000 bonus.

[24] In exchange for the initial funding, Ashley was granted critical power at the club with the privilege to put forward the names of two nominees for appointment to the board as well as security over Edmiston House and the Albion car park.

[25] As a consequence of his power grab both Philip Nash and Graham Wallace were forced out of the club[26] and Derek Llambias and Barry Leach were brought in, initially as consultants[27] before being appointed Chief executive [28] and Finance director[29] respectively.

[30] Financial respite was short lived as Rangers announced its preliminary results at the end of November indicating the club required another £8m of investment to see out the season.

[33] Also in December, the Scottish Professional Football League added to Rangers financial woes by withholding £250,000 of broadcast money the club was due in a bid to recoup a fine imposed by the Nimmo Smith Commission.

[41] On the football front, Rangers league campaign began with a defeat to newly demoted Hearts with the Edinburgh club scoring an extra minute winner.

[42] Despite embarking on a nine-game unbeaten run in all competitions, a loss at home to Hibernian left the side trailing Hearts by six-points at the top of the league by the end of September.

[43] Better news for Rangers was the reaching of the League Cup semi-final after a 1–0 win over St Johnstone,[44] being drawn against Celtic which set up the first Old Firm derby in two years.

[45] Nevertheless, the club's title charge was effectively ended in November as the side lost a six-pointer match away to league leaders Hearts leaving them nine points behind.

The effect of the club's financial issues as underlined by the interim results that November, proved the catalyst for McCoist's departure as he became unhappy with the number of staff losing their jobs at Rangers.

[52] The turn of the year saw Ashley's control over Rangers weakened as deals were made with a consortium led by Dave King, to purchase the shareholding of Laxey Partners which had stood at 16%.

[59] The agreement saw Sports Direct hold a floating charge over Rangers Training Centre, Edmiston House, the Albion Car Park and the club's registered trademarks.

[62] With the writing apparently on the wall, Rangers director James Easdale resigned just over a week before the EGM[63] and chairman Somers departed with fours days to go.

[73] On same day as interim accounts were published, 31 March, it emerged that Rangers would have owed Newcastle United £500,000 if they were promoted due to the agreement struck when loaning the players.