At times, it seems that it is salvation that lies within reach, but on other occasions only that the club is verging on endless turmoil. Dave King has sought to provide a solution to the fundamental problem that exists within Ibrox: the need for funding to sustain the club before it can rely again on balancing the books in the top-flight and earning money to invest from European competition. The former director could return as chairman within the coming days, and that would provide a sense of reassurance to a support that continues to be fraught.
Paul Murray, another former Rangers director, could have been invited to join King on the board, alongside the chief executive Craig Mather, the finance director Brian Stockbridge, and the non-executive directors Bryan Smart and James Easdale. All six would have been up for re-election at the annual general meeting, which is currently arranged for October 24.
Murray, however, continues to represent the disgruntled institutional shareholders who have been seeking his nomination at the AGM. He is deeply supportive of King, as is Jim McColl, who is fronting the bid by the institutional shareholders to bring change to the Ibrox boardroom, and both believe King will always act in the club's best interests.
Murray will attend the Court of Session tomorrow at 10am, when a judge will rule on the validity of the nominations for four new non-executive directors - Murray, Malcolm Murray, Scott Murdoch and Alex Wilson. If successful, the shareholders will propose that the AGM be held within 21 days of a new notice of resolutions being sent out this week. So rather than a line being drawn on this saga on October 24, it could run into November.
Unity is critically required. Some within Ibrox are convinced that James and Sandy Easdale can call upon more than 50% shareholder backing - with the owners of McGills Buses either owning or holding the proxy to almost 25% themselves - but that certainty seems unlikely when a bid to call an emergency general meeting to oust the current board was backed by almost 28% of institutional investors, a further 12% of shares are in the hands of individual fans or the Rangers Supporters Trust and the rest held by a disparate group of investors.
Winning the AGM vote would end the shareholder conflict, but the likelihood is that any vote would be too close to call in the meantime, with a majority of 51% of votes cast required to hold sway. King could yet cut through this propaganda and politicking. He is prepared to accept the chairmanship, and invest money, in return for full disclosure of the club's finances and a direct hand in the spending and business strategy. Having settled his tax dispute with the South African Revenue Service, King would not face any difficulties over the SFA's fit and proper person criteria.
Even if King assumes the chairmanship ahead of the AGM, it will not affect the boardroom changes being sought by the institutional shareholders. Equally, King is working independently of them now. If he joins the board he will be up for re-election along with the rest of the current directors, and if the four nominations are judged to be valid, then 10 individuals will be up for election in total. Whatever the outcome, King would remain the key individual on the board.
It appears, though, that current relationships within Ibrox are unclear. Mather and Stockbridge have sought King's return, but there has been no indication of the Easdales' stance, and the appointment requires board and shareholder approval. King has long said he would revive his interest in Rangers, and given his personal wealth - he invested £20 million in the club during Sir David Murray's ownership - and emotional commitment, he seems the figure most likely to bring long-term stability to the club. He could eventually pursue full ownership, although other wealthy and lifelong Rangers fans would also be prepared to invest in the club if it is controlled by King.
Supporters, meanwhile, are increasingly angry with the way the club has been run, with protests gathering in intensity.
At a recent meeting with representatives of the fan groups, Stockbridge revealed that by next April, Rangers will have only £1 million of their cash reserves left, although Rangers' retail income has still to be taken into account. Along with continuing questions about the high costs of last December's Initial Public Offering of Shares and legal letters having been sent to some prominent fans, there is hostility between the current board and the support.
That is unsustainable, and although it is shareholders who will ultimately decide on the make-up of the RIFC plc board, decisions will be swayed by ongoing unrest amongst the fans and the potential consequences for future merchandise and ticket revenue. King is the individual best placed, and with the necessary wherewithal and experience, to bring some command to an unruly situation in the immediate term.