The Rangers Supporters Assembly met chief executive Martin Bain at Murray Park last night for a frank update on the state of the Ibrox club.

The group asked for the meeting in response to speculation on a number of issues surrounding Rangers.

The club are £31million in debt to Lloyds Banking Group and looking for a new owner.

During the meeting Bain revealed:

• Contract offers had been made to Kris Boyd, Kirk Broadfoot and Nacho Novo and these offers remain on the table. The club was not inhibited in making these offers.
• Rangers did not have to sell Pedro Mendes, but the player and manager had agreed a move to Portugal was in the player’s and the club’s best interests.
• The club was being run on a daily basis by himself and Walter Smith – and within a business plan agreed with the bank.
• Despite recent publicity about the bank’s involvement with the club, it should be recognised the Lloyds Banking Group continued to offer banking facilities to the club to finance operations.
• Walter Smith’s recent comments about the future of the club were stating the obvious, that the club needed new investment and many would share his concern.

The manager’s comments reflected the views expressed by the chairman, Alastair Johnston, at the AGM in December.

• Efforts are continuing to secure new investment.
• The club was aware of fans’ desire to help and no potential source of investment was being ruled out.

However, Bain re-iterated the chairman’s comments that any form of investment would have to underpin and sustain the operations of the club on an ongoing basis.

Andy Kerr, the Assembly president, said: “We wanted to separate fact from fiction. We felt Martin Bain was as open and frank as possible on matters which are of great importance.”