WHAT HAS HAPPENED AND WHAT HAPPENS NOW?

Mike Ashley has effectively seized control of Rangers for just £2million after agreeing a loan with the club hierarchy.

Having got his wish and seen Graham Wallace and Philip Nash off the premises, he will now hand-pick two new board members to sit alongside chairman David Somers, Norman Crighton and James Easdale.

Derek Llambias, one of Ashley's most trusted lieutenants, is set to become the new chief executive and will assume day-to-day control of the Light Blues.

His first task will be to address a costbase that is too high in the face of reduced revenue streams but he will also have to find a way of appeasing a sceptical and angry support.

HOW WILL THE FANS REACT TO THIS NEWS?

Hope has quickly turned to despair for many Rangers supporters as they have seen Ashley make his move and quickly become the main powerbroker at Ibrox.

While some will welcome a man of Ashley's considerable wealth with open arms, the majority are wary of a businessman who, they reckon, is only in Glasgow to protect his commercial interests and make money.

The Sons of Struth will protest ahead of the game with St Johnstone tonight and it will be interesting to see if crowds continue to fall at Ibrox in the coming weeks and months.

Fans have already made their feelings clear against the board and many could vote with their feet once again to keep up the pressure.

WHAT DOES THE SHORT-TERM FUTURE HOLD?

Ashley is a man who says little in public and surrounds himself with close allies.

Sandy Easdale was doing his best to sell the prospect of the billionaire's arrival yesterday but that won't wash with fans, who will want to hear from the man himself but are unlikely to see his blueprint for the future any time soon.

Ashley, like he did to make his swoop for power at Ibrox, will have a plan in place.

With control over the board and Rangers' commercial deals tied up and well in his favour, he already holds all the cards at the club.

The extraordinary deal he struck with Charles Green that allows him to rename Ibrox for just £1 could be put into action sooner rather than later.

Ashley's arrival seemingly ends the notion of major regime change for the forseeable future, with the Londoner set to get his feet well under the Light Blues' desks.

WILL MANAGER ALLY McCOIST BE SACKED?

The Gers boss insisted he had the backing of Somers and Easdale yesterday but his position can hardly be considered as secure just now.

Ashley has gone through his fair share of football staff at Newcastle and could look to have his own man in the dugout for the long term.

It would be a surprise if McCoist became the highest profile casualty of the Ashley era this early on but nothing is predictable at Rangers.

The 50-year-old has shown loyalty to current Toon boss Alan Pardew in the face of fan unrest but it is doubtful whether McCoist will be afforded the same courtesy.

WILL ASHLEY INVEST IN THE TEAM?

Ashley will speculate to accumulate in business but that is not his way when it comes to football.

Incomings at Newcastle have been off-set by high profile departures, such as Andy Carroll and Yohan Cabaye, to ensure the books balance.

The fear for Rangers supporters is that Ashley will keep the purse strings characteristically tight.

WHERE DO THE SFA STAND IN THIS MATTER?

The SFA have written to Ashley for clarification on his Gers deal and intentions but they are damned if they do and damned if they don't.

Any move to block his involvement would be met by fury from some while others will hit out if they are seen to be welcoming him to Glasgow.

The SFA's rules are there in black and white but open to interpretation and the Hampden beaks are unlikely to gear up for a fight.

WHERE DOES THIS LEAVE DAVE KING AND THE OTHER POTENTIAL INVESTORS?

On the outside looking in once again at Ibrox.

Fans were left frustrated as their moves for control fell just short and while they will retain the backing of supporters for another go, it is unlikely to materialise just now. With Ashley and his men calling the shots in the boardroom and the Easdale bloc of shareholders backing them, there is no doubt where the power lies. Ashley's cash is a short-term fix and Rangers will need more investment early next year. Fans will hope that opens the door for another move by King and Co.

IS THIS DEAL GOOD OR BAD FOR RANGERS?

Only time will tell. At the moment, it looks a far better deal for Ashley than it does the club and supporters are right to be wary of what the future will hold at Ibrox.

This is a business deal for Ashley, not an emotional investment like it would have been for the likes of King.

The bottom line matters most to Ashley, but Rangers can't settle for second best.