There seems a chasm between the promised revolution and the actual taking of power. It is unlikely to be bridged in the near future. The unmistakable message from the Ibrox hierarchy is that business continues as usual and that any preferred new owner should conform to orthodox practices in Britain.

There is, though, an appetite among fans’ groups and from several businessmen to take the club in another direction. This movement is led by Graham Duffy, the Florida-based millionaire, who has unveiled his plans to wipe out the club’s debt of £31m and introduce more power for supporters. The 42-year-old from Glasgow believes the way ahead is “not for the club to be dependent” on one person.

But owner David Murray and Alastair Johnston, the Rangers chairman, have asserted that Rangers should be entrusted to a stable ownership with verifiable financial means. Murray insisted at the weekend that there was “no substance” in recent speculation that a deal for the club was imminent. He added that no expressions of interest had been made.

Johnston, speaking exclusively to The Herald after the publication of Rangers’ financial figures, could not comment directly on speculation linking Rangers to specific buyers under City rules but he was adamant that the club needed someone who would supply them with a substantial, regular and reliable influx of cash.

“We need an owner or an ownership that is willing and able to fund the ambition of Rangers football club on an ongoing basis,” he said at that time. “There is a lot of speculation, there are a lot of people inquiring, there are a lot of people expressing interest, but at the end of the day the Rangers board, and I as the chairman, are less concerned about the price of the club and much, much more concerned about the ability of the new owners to continue to finance the ambition of the club. That is where we are going to have a very strong opinion with respect with what we think we need from a new owner on an ongoing basis.

“This is not just about buying and selling a club. We do not want to be in the same position where we were before when we were obliged to somebody to service the debt. We need an owner or an ownership that is willing and able to fund the ambition of Rangers Football Club on an ongoing basis.”

Murray said at the weekend: “Price is important but it is not the most important factor, as long as you hand it over in the best interests of the football club.”

Duffy, who has made millions from property deals, could use his personal wealth to buy out the club and wipe out the debt. But it is his plans to introduce an ownership based on club membership that is revolutionary in Scottish terms.

Duffy, who has held talks with several wealthy businessmen, wants to form a consortium that would implement the fan membership scheme. He has targeted 15,000 members every year, for three years. The business model is based on a members club of 45,000. Supporters would pay £1000 as a one-off joining fee, raising £45m – with finance arrangements put in place for fans to pay this up if they did not have the funds readily available.

This type of ownership is customary in Europe, especially in Spain and Germany. Rangers supporters’ groups have already talked to representatives of Espanyol and Hamburg over an increased role for fans in the running of the club.

The club now stands at a crossroads. And will be there be a battle for the very heart of Rangers?

Murray insists the way forward will be for an owner or group with substantial funds to approach him with an offer. He is clear in his desire to pass the club on to someone or some body who will clear the debt and have plans for investment at Ibrox. But so far, as he has admitted, there has not been any strong interest expressed.

The loudest words have come from the groups insisting that the fans should lead the way. These have yet to be backed with a concrete cash offer. Financial commentators in Scotland are sceptical about the appetite among Rangers supporters in a recession to reach into their pockets. Many point out that the last share issue was largely supported by Murray himself.

Figures published in 2005 showed that the net debt then was reduced from £73.9m to £23.1m after a shares issue. Rangers raised just more than £51.4m from the rights issue, which was underwritten to the tune of £50.2m by Murray. This means that in the better financial climate of 2004/2005 only £1.2m was raised for Rangers from sources outside Murray.

This all leaves questions as to the future of Rangers. The present hierarchy seem to want an established, almost light-blue chip company to make an offer of say, £50m-plus. The debt of £31m would be wiped out and Murray would be paid for his 90%-plus holding in the club. But these white knights have not been riding over the horizon. However, David Low, who helped Fergus McCann save Celtic some 15 years ago, claims a bid that would merely clear the debt would be a good one for any prospective buyer. Rangers, in business terms, are an established brand that are never going to go under. The alternative plan to the traditional takeover is a Duffy-type initiative that would test if the fans’ loyalty extended to reaching into their pockets.

There is scepticism over both routes. Are there any serious businessmen out there prepared to spend tens of millions to take sole control of a football club in these parlous times for Scottish football? But can Duffy put flesh on his proposals and make them irresistible to thousands of fans?

Fans, chairman and owner can be prepared for more speculation from the commentators. But an answer will only come in financial terms. Money will talk. It always does.