And the grand plan of shoehorning Ally McCoist and Kenny McDowall into office looks like going down the river without a paddle.

BBC: Chick Young's view

Johnston also told fans at the city's Flamingo Hotel that securing manager Walter Smith's future, along with assistant Ally McCoist and first-team coach Kenny McDowall, for another year offered the club continuity.

BBC: Rangers and bank on better terms - Alastair Johnston

Club manager Walter Smith, who worked without a contract since January, recently agreed a one-year deal, and hopes that on his retirement he will leave the team in good shape for his preferred replacements, assistants Ally McCoist and Kenny McDowall.

BBC: Murray announces Rangers no longer for sale

Those players, and the management team of Smith, Ally McCoist and Kenny McDowall, have contributed to the club's success to date in the current campaign, with the Co-operative Insurance Cup in the trophy room and three wins required to retain the Scottish Premier League.

BBC: Too much is being made of Rangers' debt - Walter Smith