IT is refreshing to see a chief executive finally talking transparently about the financial situation at Rangers Football Club.

Graham Wallace's much vaunted 120-day review only just stretches to eight pages but what it lacks in length, it more than makes up for in punch.

While blaming previous management is a business tactic as old as time, that doesn't make it any less valid in certain situations. Some of the allegations about the lack of financial stewardship and situations such as negotiating of contracts without legal advice may fuel many of the worst fears supporters had about former executives.

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Mr Wallace suggests his impact is already being felt with £2m of savings made, more identified and work to get rid of onerous contracts under way.

Alongside that the forward-looking part of the strategy looks to have a lot of merit on paper.

In essence the aims are to improve the playing squad at all levels, invest in the stadium, have better dialogue with fans and enhance all commercial operations.

It is hard to argue against any of those aspects but Rangers fans have been promised similar by previous owners in the not too distant past. Mr Wallace is no-one's fool.

It appears unlikely he would have laid out this vision if he did not feel he would be in place for several years to see it through.

Yet he must address the fact a substantial portion of the fanbase remain unhappy with the make-up of the board and may choose to withhold season ticket payments and stop buying merchandise.

It also remains to be seen whether investors, who Mr Wallace intends to try to raise £20m to £30m from, will be happy enough with the level of corporate experience available around the Ibrox table to dip into their pockets again.

Mr Wallace had asked for time and patience to conduct the review. Now he has to start delivering.