THE Rangers board are safeguarding the long-term financial stability of the Ibrox club by refusing to be rushed into appointing a replacement for Pedro Caixinha.

That was the assessment from a leading business consultant today – exactly three weeks on from the sacking of Caixinha following a dire run of results.

Supporters are growing increasingly restless at the lack of activity despite the likes of Derek McInnes, Steve McLaren, Michael O’Neill, Alan Pardew and Gus Poyet all being linked with the position.

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But Nick Watkins, whose Q4 Management group advises major sporting organisations on strategy, believes the Rangers board is correct not to make a “knee-jerk” reaction.

The Ladbrokes Premiership club had to make a hefty £500,000 pay-off to Caixinha and earlier this month they announced they had made a £6.7 million loss in the last financial year.

Watkins, the former chief executive of Swindon Town, warned making the wrong appointment could have far-reaching consequences for a club which is relying on soft loans from wealthy supporters to stay afloat.

“The cost of a wrong decision, of a failure, is far worse in the long-term than not having a manager for a few weeks and maybe losing or drawing a game,” he said.

“It is important that some time be spent on the appointment. You want to make certain you get somebody with the best possible chance of bedding into that club, of being there for three, four, five seasons.

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“A managerial appointment is disruptive to a club. They bring in their own staff. It is really important the chairman and the board understand how the person they are looking to appoint works, what his style of management is.

“They must do as much rooting around and digging as they can. They must determine if this person can assimilate to the culture of the club and will understand not just the rich history of Rangers but also the limitations currently both financially and in every other area.”

Watkins, who was involved in the appointment of former Rangers chief executive Graham Wallace back in 2013, also believes it is vital the new manager is prepared to work in tandem with Ibrox director of football Mark Allen if the Ibrox club is to be successful on and off the park.

“Football is changing,” he said. “The manager is responsible for the team performance on the day, but directors of football are responsible for recruitment of players.

“If Rangers have a director of football they have to make sure the manager is very comfortable with that person, the role he plays. The club must make absolutely clear what authority and control the manager has. The old style manager don’t necessarily fit in to that way of thinking.

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“A good director of football thinks long term. The main revenue stream outside of the Premier League is developing and nurturing young players. Clubs have to identify a young player at £500,000 and sell him for £5 million.

“While that is happening they have to make sure he is contributing to the club and taking the club forward and is getting opportunities with a high-profile club like Rangers to develop his career. They are not just pawns in the game they are important assets and a successful company manages its assets well.”