ONE set of results shows Dave King where Rangers have gone wrong over the last year, while the other gives an insight into where they could be heading in the coming months.

Financial matters – everything from shirt deals to share issues – have dominated the agenda when Rangers supporters, shareholders and investors have gathered in recent times. The latest Annual General Meeting was a far more serene affair than many of those that have gone before it, however.

There was little talk about the £14.3million loss that RIFC plc posted to the end of June, few mentions of Sports Direct or any doubt about how the voting would go on the 14 Resolutions that were put forward by King and his board.

King’s speech – all 3,700 words of it – was delivered in under eight minutes as a 12-month period was dissected. Plenty, of course, has happened at Ibrox. It always does.

The process that led to the appointment of Pedro Caixinha was justified by King and Stewart Robertson, the Managing Director, but everyone on the top table and in the Clyde Auditorium knew the folly of that particular decision, and the subsequent ones to back the Portuguese with several million pounds in the aftermath of that night in Luxembourg.

There was warm applause when King called Graeme Murty his ‘man of the year’ for his efforts during a turbulent second half of the campaign that took its toll on the 44-year-old and the club. Murty may not have got the job, but his efforts deserved the recognition.

For the first time since Mark Warburton addressed shareholders in 2016, King had a manager in the seat beside him. He may sit at the head of boardroom table, but it is Steven Gerrard that is the main figure at Ibrox and his approval rating is even higher than that of his chairman.

It is thanks to the efforts of the 38-year-old that Rangers have a squad capable of challenging in the Premiership and a team that are aiming to reach the knockout rounds of the Europa League. King had to look back, but it is easier to look forward these days.

“I would say we are ahead of the game in the sense that having looked at the investment and the players we are bringing in – he brought in 15 players if I remember correctly – I think it's fair to say that only one of the 15 probably hasn't worked out,” King told RangersTV.

“So that's a great return in terms of the identification of the right quality of player.

“I think the performances on the park, and certainly at the beginning of the season, if you had offered me that after four really, really tough qualifying rounds we would be in the group stages, playing Villarreal in a big game at home with the chance to go through, then I would absolutely have taken that. We're ahead of where my realistic expectations would have been.”

Rangers may be ahead of the curve at present but they have found themselves behind the eight ball on several occasions since their return to the Premiership as the faith and the cash from King and his investors hasn’t been repaid by the men in the dugout.

The Ibrox chairman gave mention to those that continue to write the cheques during his AGM address, while special thanks was reserved for Douglas Park, who has assumed a more hands-on role at the club.

The re-election of all members of the board was a formality come the vote but the importance of the directors in attendance, and the money-men that don’t have an official position, cannot be underestimated. The investment – in people, in players, in facilities – has become a key theme on and off the park once again.

“I would think at least two years [until Rangers are not reliant on shareholder loans],” King said. “I think I said two years ago that it would be at least two years, but I think two years.

“This year, it was very important to get back competing in the group stage in Europe. But it’s really important we are doing that every year.

“Steven has come in, he has done really well, but I would say another two years before we can be self-sufficient and to the extent we are not relying on interest-free funds from shareholders.”

King will have to put his hand in his pocket once again in the not too distant future and the rebuilding job is far from complete at Ibrox.

A new hybrid pitch, like the one recently installed at the Hummel Training Centre, will be laid over the summer while, longer term, plans are being drawn up to celebrate Rangers’ 150th anniversary with a series of renovation works around the stadium.

There is still plenty of remodelling to be done on the field as well as Gerrard strives for further improvement. It won’t be quite as drastic in the winter as it was in the summer, though.

“I'd be surprised if we don't do some business in the January transfer window,” King said.

“Speaking to Mark (Allen) and the manager, they are very aware to the fact that sometimes the long-term quality of players isn't available in January. But I wouldn't be surprised if we didn't do some business.

“But it will only be done if we think we can improve the overall value of the squad and the right players is available in January. It's not going to be done just for the sake of it.”