THE people have won.

Victory was declared at 13.34pm on Tuesday, March 3.

For Rangers fans, it will be remembered as one of those 'where were you moments?'.

It was at that time, on that day, that it was announced the war was over. The fight is only just beginning, however.

The final punches were still being thrown by a board that is on the ropes last night, as they claimed that the outcome could not be 'determined with certainty', while making what could be their last move and beginning the process of drawing down the second tranche of £5million from Mike Ashley.

In the end, Dave King says he will triumph by a 'landslide' but the margin of victory is not important. If it comes down to one single vote, that will be enough.

The signs have been promising for King for some time and the weeks that followed his bullish pronouncements of success saw momentum build.

The separate moves by King and the Three Bears - Douglas Park, George Letham and George Taylor - to acquire significant shareholdings in Rangers set the wheels in motion for a revolution at Ibrox.

There have been many defining moments since, each giving supporters hope that a rotten regime would finally be ousted and their club returned to the hands of people who understand its history, will preserve it in the present and help it fulfil its potential in the future.

As thousands rallied behind the Rangers Supporters Trust and Rangers First, significant shareholdings were bought as the fans stepped up and paid.

After years of pain, anger and frustration, they could see the finishing line and were joined by heroes of yesteryear, Jorg Albertz and Dado Prso signing up, John Brown and Nacho Novo taking to the streets.

The move by the RST to buy shares from Beaufort Nominees, who control the stock that Sandy Easdale holds proxy over, provided fans with another shot in the arm.

It was the departure of James Easdale, a man who said little in public but was still reviled, guilty by association to his brother, that accelerated change at Ibrox, however.

His exit signalled the beginning of the end for this board as it dawned, it hit home, that the game was up, that King had emerged victorious.

When David Somers followed on Monday morning, several days earlier than King had been expecting after an agreement had been reached that the chairman would stay on to facilitate the handover of power, it was only a matter of time before a public pronouncement was made.

When it was, the dream became a reality for fans and now they are poised to herald the return of King and Paul Murray and welcome John Gilligan into the boardroom.

Like league wins, cup triumphs and - for a very different reason - the day Craig Whyte stood on the steps of Ibrox and faced the flashbulbs and angry Bears, this day will be remembered by supporters for some time to come.

The coming days, hours even, will see the last remnants of this regime finally removed from office as Derek Llambias and Barry Leach - the two men handpicked by Ashley and parachuted into power at Ibrox - get set to follow Somers and Easdale through the exit door.

Every villain in this story has been counted in and they will soon all be counted back out again, with only one - Sandy Easdale - still in the plot.

He remains in situ as the chairman of the Football Board, and the controller of a block of shares from the early days of the Green era that now no longer wields they power they once did.

He has yet to fall on his sword but it is surely a matter of when, not if, he exits the stage after a performance that marked him out as one of the most controversial, disliked and distrusted in this tale.

Like his brother and his former directors, his part in that drama has come to an end. His time is up.

The same cannot be said of the Ashley, however. He remains a key protagonist in the here and now, and could yet be central for some time.

Amid the euphoria of triumph, there is realisation. The appointments of King, Murray and Gilligan are a step in the right direction for Rangers but many more have to be taken before the club is rebuilt and restored on and off the park.

The first, and most significant, obstacle in their path is Ashley.

King, in particular, and Murray are confident they can satisfy the demands of the Scottish Football Association and present a compelling case to pass the 'fit and proper person' criteria.

But there are no rules where Ashley is concerned. Instead, it is the bottom line, the contracts and the cash.

The £7,500 fine handed down by the SFA for breaching dual ownership regulations certainly won't make a dent in his multi-billion pound fortune and it will count for little in how he deals with Rangers, either.

When talks are held between him and King, he will take a seat at the table with very much the stronger hand.

With Sports Direct adverts already emblazoned across Ibrox, vital merchandise streams tied up and weighed significantly in his favour and security granted over assets thanks to his latest bail-out loan, Ashley remains very much a key player.

That fact was strengthened last night when, just hours after King's victory call, Rangers announced to the Stock Exchange they had 'commenced the process of satisfying the conditions for drawdown' of the second £5million loan Ashley put on the table earlier this year.

It was a move that was not unexpected, yet one which was another blow delivered to the fans just as they are getting themselves up off the canvas.

It presents another hurdle for King to clear and, if it proves to be the last act of this board, it is one that further emboldens Ashley's position.

Now, though, he will have to do business with a directorate that wants a better deal for Rangers and the negotiations over how to maximise the agreements that are in place for the benefits of both parties are crucial.

Even though King can bank on the millions that will be generated by season ticket holders returning in their droves, he cannot afford to have a key revenue stream hamstrung to the extent that it currently is.

King may have got rid of the men that pushed the buttons, but he must now deal with the man that was calling the shots.

There will be a 'forensic examination' undertaken once the keys to Ibrox are finally handed over, and the possibility of action if any 'malfeasance' is uncovered.

Every 'i' dotted and 't' crossed will be looked at, every deal done since Charles Green arrived in Glasgow and every contract signed while a steady stream of directors were in power, will be scrutinised.

It is only once that has been done, and compromise has been reached and common ground found with Ashley, that Rangers can begin to move forward with King, Murray and Gilligan at the helm, and with the expertise and financial backing of others behind them.

They will be joined by the fans, jubilant and relieved, but realistic. The celebrations will be sweet but short-lived. The job isn't done yet.