Are Rangers ready for rebuild under new owners with £20m investment?

Vice-chairman Paraag Marathe is a key figure given, in his own words to shareholders, he "has a deep expertise in running sporting organisations and turning them around".

He has worked in American football operations at the 49ers for years, including with their analytics and data department.

It is that background he has brought to bear on Leeds United, who were promoted to the Premier League last season after narrowly missing out the campaign before.

That failed promotion bid prompted Leeds to sell star players Crysencio Summerville, Archie Gray and Georginio Rutter, among others, for big money and reinvest.

They did so shrewdly and relatively cheaply, bringing in the likes of Ao Tanaka and Jayden Bogle to spearhead their title win.

It seems the most instructive comparison to what might happen at Rangers, with Marathe emphasising it is about being "smarter" rather than hosing money at players.

As well as the £20m injection, midfielder Nicolas Raskin and striker Cyriel Dessers have both reportedly been the subject of interest from other clubs.

The first move might be to cash in and immediately look to reinvest, although Cavenagh revealed no details about the summer plans.

However, given Rangers' first competitive game - a huge one against Panathinaikos in Champions League qualifying - is just four weeks away, the clock is ticking.

Former Dundee midfielder Lyall Cameron is the only confirmed addition to the Rangers squad, although they appear close to signing Bournemouth right-back Max Aarons on loan.

Vaclav Cerny, Leon Balogun, Ianis Hagi and Tom Lawrence are all senior players from last season who have departed, so there is a big job to be done.

"The club is in a different position this year," Cavenagh said. "We can be patient from a financial perspective.

"Where there's the right opportunity, we will jump at it. Where it's right to be slow, we will be slow."

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