WHEN Alex Wilson and his fellow Requistioners failed to get elected to the Rangers board last year they had grave concerns for the Ibrox club.

And that group's worst fears about the future of the troubled Glasgow giants have not diminished in the 12 months since that stormy AGM.

If anything, in fact, the so-called "Gang of Four" are even more worried about the state the Gers are in now.

There have been escalating financial problems, savage cost-cutting, widespread redundancies, dwindling crowds and disappointing performances on the park.

"It's gone from bad to worse," said Wilson today. "The degree of ineptitude at board level is staggering. I am personally despairing of it."

Wilson, along with Scott Murdoch, Malcolm Murray and Paul Murray, lost out in his ambitious bid to be appointed as a Rangers director last December.

Shareholders and institutional investors instead put their faith in Norman Crighton, James Easdale, David Somers, Brian Stockbridge and Graham Wallace.

Since then, Crighton, Stockbridge and Wallace have all parted company with the club and, according to reports, Somers is soon set to follow them out the exit door.

Wilson, who worked for multinational companies BT, Ford, Guinness and ICI during a 40 year business career, has not been distraught to see any of them leave.

He said: "A number of things were said by members of the board at the AGM last year.

"Primarily about the financial situation of the club.

"They said the club was comfortably off. It wasn't. They said they had sufficient money in the bank. They didn't.

"All of the sensible moves which could have been made by a responsible board seem to have been bypassed in favour of short term loans.

"The worries we had about the capability of the board to turn the club around have come to pass. And I don't see anything that is going to change.

"I don't know where it ends. It's a real, real concern. I am more worried now than I was 12 months ago."

Wilson added: "The board we would have put in place would have been prepared to stand and serve the club for no cost. There's a saving for a start!

"We also said that we would look at various contracts and see if we could renegotiate them because we felt there were deals being done which were bad for the club.

"Basically, we would have tried to bring money in and stop money going out.

"We also had people lined up who were prepared to back us and invest in the club.

"We would have been able to access funds based on our expertise and vision. We also said the board didn't have investors lined up. And guess what? They didn't?

"Investors will put money in when there is the prospect of a return, when they have confidence in a board and when they think corporate governance is at the right level.

"Look at this company. Has that happened? There is no belief in the investment community that Rangers is a good investment because of the way the club is being run.

"They struggled to get the £4 million they were looking for at a share offering earlier this season.

"The got little over £3 million. All we have got instead of investment is Mike Ashley providing short-term loans in exchange for increased control."

Sports Direct magnate Ashley, who is also the owner of Barclays Premier League club Newcastle United, last month increased he amount he has loaned Rangers to £3 million.

Despite the billionaire businessman taking control, Wilson is apprehensive about what lies ahead for the Ibrox club and believes that another administration is a distinct possibility.

The fact the SFA yesterday issued a notices of complaint to Rangers and Ashley - due to the latter allegedly exerting influence over the management of the former - casts serious doubt on his future involvement.

Wilson said: "The loans simply put the club into debt. It will take more than £8 million to turn the club around.

"That just covers losses for a year. That doesn't create any investment in the club. "Disenchantment with on-field results has certainly not helped attendances.

"But guys I talk to say crowds are fading away due to a disillusionment with the board and what they have been doing and not doing.

"And I don't see that disappearing any time soon. Derek Llambias has spoken about the club engaging with the fans.

"But I think with the current regime that will be impossible."

Wilson continued: "I don't know Mike Ashley. But speaking from a distance, I would say he is an astute businessman.

"I feel he will only put in significant investment if he is going to get a return.

"Think about previous investors who have put sizeable sums of money into clubs. They tend to be people who have an emotional attachment to the club.

"Jack Walker at Blackburn Rovers for example. I think Rangers need a Rangers man, a Dave King say, for who the success of the club is as important as its commercial performance and the return on their investment.

"I bought a season ticket this season. But the only game I have been to was the 3-1 defeat to Hibs at Ibrox.

"Just my luck! I haven't lost my love for Rangers. Like so many, I am disillusioned with those running the club and am worried about the future."