Jim McColl began Thursday night's Rangers fans forum meeting with a statement. It explained why he became involved in the campaign to change the Ibrox board, but also why he could not be more directly involved.

McColl was approached by some of the institutional shareholders who were concerned about the levels of corporate governance at the club under Charles Green, the previous chief executive. McColl will continue to support the four director nominees now backed by those shareholders, and believes that most of their objectives have now been achieved.

The Rangers board has changed, with a new chief executive in Graham Wallace, a new chairman in David Somers and a new non-executive in Norman Crighton. McColl believes the three men need to be allowed time to implement changes to the boardroom and the way that it works, but other aims remain. McColl and the nominees insist that Brian Stockbridge's role as finance director is untenable following the club's financial performance. They also want the three new directors to prove their independence from previous regimes.

It will take time to earn the trust of fans, and the campaigning will continue in the build-up to the annual meeting on December 19. The four nominees - Paul Murray, Malcolm Murray, Alex Wilson and Scott Murdoch - will publish a Rangers constitution next week. It will contain a series of pledges and values that they believe the Ibrox directors must sign up to, while other aspects of their vision were revealed during the fans forum meeting at a Glasgow hotel.

Among them was the promise to protect Ibrox and the other property assets for the long-term good of the club, to break even on domestic revenues and to use any additional income from European involvement as investment capital.

Some views are entrenched within the Rangers support, but the one that lingers most is about why a man as rich as McColl, or Dave King, does not just buy the shares necessary to gain control of the board. The reality is more complicated, not least because the full dynamic of the shareholders is currently unknown and some will not negotiate a realistic share price that takes into account the need to generate additional funding for the club, probably before the end of the season. McColl is also restricted by commitments to the investors who have backed his judgment and expertise with their own money, meaning that he cannot spend his cash on other investments.

"I have these funds that back me and they don't want me diverted from looking after their money," McColl said. "My involvement is over after December 19. In fact, it's over now other than me keeping in touch with some of the shareholders that asked me to get involved in the first place to make sure they're voting properly. There are three new people on the board and much of the job is done. [But] there are a number of shareholders who have been behind some change and they should be represented."

It is far from a rallying cry, but then McColl is more detached emotionally than the rest of the nominees. His father was a Rangers fan and took McColl when he was a youngster, so there is a residual feeling for the club and also an acknowledgement of its cultural, social and community importance. The four nominees are lifelong fans, though, and their commitment to the campaign is as strong as ever.

McColl still supports the nominees and he raised concerns about Stockbridge's involvement when he recently met Colin Kingsnorth of Laxey Partners, now the club's largest single shareholder. Laxey intend to back the board at the agm, but they will meet representatives of the London Rangers Supporters Club next week to listen to fans' concerns.

"I believe - particularly in Wallace and Crichton - that you've got strong individuals who won't be pushed about or be anyone's patsy," McColl said. "It would appear there's a lot of money going out that is difficult to explain. They've started to strengthen the board and I believe they've got to be given a chance.

"Rangers will build up, but to get into the Premiership and be successful they need [signings] in place by next summer. I don't see Administration II. A lot has been achieved because there's only one person left [Stockbridge] that was with the Green camp. But [the board] needs further strengthened and there are shareholders who have put [the nominees'] names up."

There is still much to resolve inside and outside the boardroom.