The true impact of Walter Smith's decision to step down as chairman and non-executive director at Rangers has not yet been felt.

Even so, his departure alone was enough to spread anxiety among supporters. Smith was never wholly comfortable in the boardroom, but took the role of chairman because he believed he had to for the sake of the club. The same motive applies for his decision yesterday. The events of the past four days, and those still to come, are part of a much wider but even more significant picture.

Rangers are hanging in the balance. The return of Charles Green as a consultant last Friday, on a monthly retainer, is an attempt to shore up the shareholder base that provided him and Imran Ahmad, the former commercial director, with their power at Ibrox. The move by another group of shareholders, backed by leading Scottish businessman Jim McColl, to remove Craig Mather, the chief executive, Brian Stockbridge, the finance director, and Bryan Smart, the non-executive director, from the board, but likely retain Mather as chief executive, was already under way. That move now has the full and unequivocal backing of Smith.

The notice requisitioning an extraordinary general meeting for that purpose, and to vote on Paul Murray, the former Rangers director, and Frank Blin, the former PriceWaterhouseCooper executive, allows a further 15 days for the boardroom changes to be made by the club, or for the egm to then be arranged to allow shareholders to vote on the proposals. The notice was backed by a little less than 29% of the shareholders, but Herald Sport understands that it is more than 40% who have now indicated that they will support it.

It is control of Rangers that is being played out in a series of public dramas. Most of them centre on personalities - Green, Smith, Ally McCoist, even Craig Whyte, whose spectre has never truly left Ibrox - but the reality is that the situation needs to be resolved among the shareholders. Most of them are solely concerned with their investment, while others also pay heed to corporate governance, and reputation. Those seeking the egm believe that the board has often been dysfunctional. Herald Sport understands that the major institutional investors are lining up against Green, and that McColl is confident his side will prevail.

Even so, there are potential complications, not least the fact that not every shareholder always attends or votes at an egm, which could possibly affect the balance of power. The departure of Smith was accompanied by a statement outlining his support for the requisition and calling for the return of "integrity" to the boardroom, although his remarks initially appeared to have been blocked last night. This is likely to turn the vast majority of the support against Green. A similar statement from McColl would firmly establish the balance of the fans. That alone would not sway the outcome - although fans own around 11% of the club - but a backlash against Green accompanied by supporters boycotting sponsors and merchandise would sharpen the minds of shareholders.

Green was thought to have been travelling back to Scotland last night, and he could yet return to the board, or even take on the chairmanship, since Smith was the only consistent voice of dissent among the directors, who also include Ian Hart, the Glasgow businessman, and James Easdale, the owner of McGill's Buses with his brother, Sandy. How the share price reacts today will also be telling. It closed at 41.5p yesterday, but could fall dramatically depending on events today.

An end game is approaching. If Green and the shareholders who stay with him want to maximise their profit, they'll have to calculate the right moment to sell up. There have been offers made, and offers sought, in recent weeks. The interim accounts are due on September 18, a week after the last possible date for the egm. The figures - unaudited at this stage - are not expected to be good, and fresh investment will be required before the end of the season. Those wishing to maximise their profit may want to sell up before then. If that cannot be done amicably, the events may turn hostile.

The potential egm provides a framework, since it sets the timescale for any deal to be done. There is still room for brinksmanship, but the collapse of the share price would force matters to a head. There are vendettas, though, particularly between Green and Malcolm Murray, the former chairman and director who stood down recently but remains favoured by several of the institutional investors. The brokers Daniel Stewart, who were appointed by the club yesterday, are also thought to have a long association with Green.

The boardroom changes, or a change in the ownership structure if one or several individuals buy a controlling stake, will allow Rangers to begin again the rebuilding process. In some ways, the last 12 months have been lost to infighting rather than rebuilding. Some progress has been made, but not enough of the money raised in the Initial Public Offering of shares last December was used to seed new revenue streams. Some commercial deals were struck, notably with Sports Direct and PUMA, but they are not believed to be as good as they could be for a club of Rangers' size.

Whatever the outcome of the coming days and weeks, some streamlining will be required, in lieu of, or in conjunction with, fresh investment. Where that money comes from will determine how the business is dealt with. In the meantime, Rangers are in the midst of a growing crisis. Individuals are making their move, and there could yet be more bloodletting, although Herald Sport understands that McCoist will not voluntarily relinquish his role as manager.

Smith felt obliged to stand down yesterday. Others, with the same emotional connection to the club, feel obliged to try to do what they can to move Rangers on from a fractured ownership structure and financial concerns. Fans may yet play their part, too. It remains to be seen what state Rangers will emerge in.