DARK clouds overhead and Mother Nature battering the west of Scotland paled in comparison to the Rangers annual general meeting yesterday as it turned into a stormy affair topped with a hate-filled undercurrent.

Over 1,000 shareholders were housed in the away end of Ibrox, with the distance between them and the board significant. 

The members of the Rangers board were certainly expecting the abuse and right on cue as they walked down the stairs to the top table the insults echoed around a stadium which showed clear signs of financial trouble at the club as much as the club’s own accounts do.

Chants of “out, out, out,” “sack the board” and “scumbags” reverberated around Ibrox as a soundtrack to the Easdales, Somers and newly appointed chief executive Derek Llambias.

With the club in desperate need of funds after making a pre-tax loss of around £8.3 million this year, the board were calling on shareholders to approve a third share issue in as many years to cover the club’s running costs.

55 per cent of shareholders rejected a further share issue, plunging the club’s chances of securing £8m into chaos and forcing the Championship side to be reliant on Mike Ashley who could offer further loans, in return for more favourable deals between the club and his Sports Direct business.

The AGM came less than a day after the club confirmed that manager Ally McCoist had been removed from his position and placed on gardening leave. 

The former Rangers striker had tendered his resignation, but intended to see out his 12 month notice period, with his wage increasing to £750,000 per annum.

Assistant Kenny McDowall, who spent 10 years at rivals Celtic, will take over the managerial role until the end of the season.

Chief executive Derek Llambias intimated at the AGM that McDowall could be handed the role beyond the summer. 

The former managing director of Newcastle United also issued a warning that further cuts could come in the coming weeks and months.

Llambias said: “Not everything I do will be popular but everything I do will be in the club’s long-term interests.”

Shareholders had been warned at the start of the AGM to “refrain from any disruptive behaviour” and if “anyone gets too rowdy” then they would be “asked to leave.”

As the AGM ended, at least one fan was physically held back by security from getting near the departing board as the chorus of boos and chants continued.