JIM MCCOLL is confident Rangers are back on the right track after sweeping regime change at Ibrox.

The businessman attempted to force an overhaul of the boardroom alongside Paul Murray a couple of years ago and has now seen his fellow fan succeed in toppling a beleaguered hierarchy.

Rangers yesterday revealed a £2.6million loss for the six months to December 31, 2014 as the full extent of the rebuilding job Murray and his fellow directors face was laid bare.

McColl said: "I think it's in good hands now.

"It's a relief to see we don't have people in there now that are looking to exploit the club for their own benefit, and that's what was happening.

"It's on solid ground now in terms of the financial backing

"It was in danger of going down the lower leagues for a long, long time."

Rangers fans played a significant part in forcing the old board from office at the Ibrox EGM last month as thousands rallied to the cause.

And McColl is confident the Light Blue legions will have a say in how their club is run going forward after years of off-field turmoil.

He said: "My idea was what is happening just now; you build up the fan ownership.

"You can't come up with that money overnight. They are slowly building and they have been very good in terms of what they've been able to do in the past year with the Rangers Trust and Rangers First.

"They've got quite a good shareholding now and that will continue, I'm sure.

"The current major investors - the Three Bears [Douglas Park, George Letham and George Taylor], as they call them, and Dave King - are very supportive of that approach.

"I think a good model would be a third being owned by some rich individuals, a third being owned by the fans and a third owned by the public."