Fifteen months have passed since Rangers began the 'journey back to the top flight'.

For all the trauma and economic damage that preceded it, this was still an opportunity for the Ibrox club. Starting in the bottom tier, with the faith and commitment of the fans fully restored, Rangers could rebuild. It was a chance to enhance the football operation, and restore alliances within the Scottish game; to revive the best of the club. Progress has been made on the field, but otherwise it is an opportunity squandered.

Seven directors have departed, two chief executives have stood down and Rangers International Football Club are now on their third nominated advisor (nomad), which manages the company's listing on the Alternative Investment Market. That is a period of grossly damaging upheaval, and regret ought to be the overriding emotion once the anger subsides among the fans. Charles Green promised much with his brand of chutzpah and gruff charm, but the hyperbole has evaporated to leave a state of alarm.

The mood among staff within Ibrox is despairing. Craig Mather's departure leaves the club without a chief executive, and Bryan Smart's subsequent decision to stand down means RIFC has just two board members. It was with a hollow smile that Kenny McDowall answered a question on Friday about whether the coaching staff might look to add to the squad in January by saying, "we don't know who to ask".

Black humour was a coping mechanism during the worst of the administration process last year, but should have been banished now the team are performing so capably.

The nomad, Daniel Stewart, has been trying to find consensus among the shareholders, but the firm are out of their depth in coping with the demands of opposing sides. It is more likely to take discussions between Sandy Easdale and Paul Murray to seek a solution to the need to appoint new directors and a capable chief executive and chairman ahead of the forthcoming annual general meeting. If not, AIM will step in. The regulators prefer to leave the nomad to sort out issues but if there is no progress by the middle of this week shares could be suspended, something that would infuriate the institutional investors.

Easdale and Murray represent two groups of shareholders. Easdale holds the proxy votes of the likes of Blue Pitch Holdings and Margarita Holdings, the mysterious funds behind Green's consortium, while Murray is working on behalf of the institutional investors who want credible directors and proper corporate governance restored to the board. If no decisions can be reached before the agm, decisioon reached then will be the final arbiter.

Non-executive director James Easdale, and Brian Stockbridge, the finance director and company secretary, will be up for re-election at the agm, while Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson will be nominated as new directors. The two groups of shareholders have essentially the same number of confirmed backers, so the vote is too tight to predict. If it wasn't, the Easdale brothers would simply appoint their own directors and executive staff safe in the knowledge they would prevail at the agm. Instead, they are prepared to open discussions in private.

Off the field, Rangers are a mess. There has been no progress rebuilding the club's battered reputation other than the widespread acknowledgment that their fans have rallied to the cause in remarkable numbers, home and away. The club still have no voice or influence in the power structure of the Scottish game, let alone within Uefa or even politically. Until new directors and executives are in place, Rangers are damaged. The relationship with supporters has broken down too, with protests at every match. The Easdale brothers are now front and centre, their motives and intent still to be revealed.

Former director Dave King is ready and willing to take the role of RIFC chairman and the necessary paperwork has been completed, but no progress has been made on his appointment. Contrary to certain briefings, neither the AIM nor the SFA are likely to prevent his return as a non-executive board member, and the support would welcome his experience and commitment, yet he is still on the outside.

Meanwhile, the football department is under-resourced, outwith the first team. There is no scouting network, fewer youth coaches and the sports science department badly needs investment. Rangers were seeking to rebuild in such a way that on their probable return to the top flight they would be strong, able to compete, sustainable and working in partnership with the fans, but that remains out of reach.

"There's no scouting structure, since Neil [Murray] left," McDowall said. "We've got enough contacts, but we need to get the whole thing up and running again. A club of this size has to have a scouting network."

There are reasons for optimism, though, with the first team developing into an effective unit and young players emerging into promising talents, the most accomplished being Lewis Macleod.

"He is as good as anybody I've worked with," McDowall said. "Even if we'd stayed in the SPL Lewis probably would have broken in. He can handle the temperament and play that level of football. He's having to learn [playing on the left], but he's young and he has the ability."

Macleod offers reason for hope at a time when Rangers fans are mostly aghast at the state of their club.