Rangers board to face tough questions at Thursday AGM

Rangers shareholders will gather for the club's Annual General Meeting on Thursday.

This will be the third since the current board, led by chairman Dave King, took over in March 2015. However, unlike the previous two, this gathering is likely to throw up some uncomfortable questions for the Ibrox hierarchy.

New manager search

The most direct questions to the board will undoubtedly focus on the club's protracted search for a new manager following a year in which Rangers have had three different men in the dugout.

Twelve months ago, Mark Warburton outlined his long-term vision for the club to shareholders but he then left in acrimonious circumstances three months later. His replacement Pedro Caixinha lasted just seven months before being sacked and, in the meantime, Graeme Murty has twice taken charge on an interim basis.

Nearly five weeks on from Caixinha's departure, Murty remains at the helm of a team that has failed to win three consecutive games in a year. Such has been the speculation surrounding who will fill the vacancy, long-time bookmaker's favourites Derek McInnes and Alex McLeish have both distanced themselves publicly from the role.

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The club have stressed their intention to take as much time as necessary in making an appointment, and director of football Mark Allen is now in place to provide his input, but supporters are becoming increasingly restless.

That the AGM is sandwiched between two huge games against second-placed Aberdeen - managed by McInnes - only adds to the intrigue and pressure on the Rangers board to make a big statement with whoever is the new boss.

Questions will also be asked about the decision-making behind Caixinha's hiring - a surprising appointment that ultimately back-fired, as well as the recent player recruitment that has failed to provide positive results.

Resolution 11

Shareholders will also be asked to vote on a proposal that failed to be passed a year ago, but is expected to gain enough votes this time around. Resolution 11 proposes converting soft loans from directors - including King and his allies - into equity.

This, in turn, would enable future share issues to be launched, with shareholders asked to invest once again in order to maintain the size of their holdings. Club 1872 - the supporters group which is the largest shareholder within Rangers - recently announced they would vote in favour of the resolution.

Future funding

Finally, while turnover has increased, Rangers recently announced losses of £6.7million for the year ending June 30 - double that of the previous season. Albeit, half of that was the fee paid to Mike Ashley to escape the onerous retail contract with Sports Direct.

The figures did not take into account Pedro Caixinha's summer transfer outlay, however, in which an estimated £8m was spent on transfer fees and wages.

Rangers are currently reliant on the aforementioned soft loans from King and others in order to continue operating. Passing Resolution 11 eases this burden, but it is unclear how any further investment in the squad will be funded.

King has promised £7m in loans over the next two years but is currently locked in a dispute with the Takeover Panel. This may raise questions about the chairman's long-term investment status, and the effect on Rangers' external reputation to potential investors.

The accounts also revealed that Rangers currently make less money from commercial sources than Aberdeen. Supporters will seek positive answers about future merchandise agreements and retail profits. Any new club sponsorship and kit deals need to be significantly improved for the club to financially move in a positive direction.