DAVE KING is confident Rangers will get better value for money on and off the park moving forward as the Light Blues count the cost of a wretched campaign last term.

Financial figures posted on Wednesday evening showed that RIFC plc made a loss of £14.3million to the year end June 30, 2018, more than double their deficit for the previous 12 months.

King and his fellow investors backed former boss Pedro Caixinha in the transfer market last summer but Rangers crashed out of the Europa League and the first qualifying round, lost in the semi-finals of both cup competitions and could only finish third in the Premiership as Graeme Murty and then Jimmy Nicholl had to take the Ibrox reigns.

And chairman King was disappointed the multi-million pound outlay didn’t have the desired impact on the field during a lamentable season.

He said: “We believed that we had a management team and playing squad that could take us to the next level.

“Sadly, that was not to be and after having given a reasonable period of support, the Board decided that further management changes were necessary. We are extremely grateful that Graeme Murty was again willing to assist by taking temporary charge of the team and we saw real improvement in the second half of the season that resulted in Rangers being top goal scorers in the league and narrowly beaten into third place.

“The Board had to reflect that once again we had produced a footballing performance that was not commensurate with the resources that had been invested, or the demands of our supporters. Something was wrong.

“Our newly appointed Director of Football, Mark Allen, was tasked with reviewing the manner in which we recruited our players and support staff to identify areas for improvement and to ensure that, going forward, we get a higher level of performance from our investment in football talent.

“Mark conducted a comprehensive review that led to a complete overhaul of our various football departments during the last financial year. In addition (and very importantly) we have now incorporated key personal character traits that have to be present for anyone wishing to play for Rangers, or to be part of the management of this Club.

“We have seen that technical excellence alone is insufficient to perform at a club like Rangers. The new structures had an immediate impact and this is reflected in the quality of players who are being produced at the Academy and the quality of the signings made during the last two transfer windows.

“As with any business, the sound operational structure is only truly effective if the right management is overseeing it. We now have a superb group of management talent throughout the Club.”

The abject failures of Caixinha and Murty led Rangers to make another managerial change in the summer as Steven Gerrard was appointed boss on a four-year deal.

And the Liverpool legend has already given the balance sheet a much-needed boost by guiding his side into the group stages of the Europa League this term.

King, writing in his chairman’s report in the RIFC plc accounts, said: “While the impact of the current manager appointment is post-year end I take this opportunity to welcome Steven Gerrard and his management team to the Club.

“The appointment of Steven was driven by the Board’s decision to make a significant step change in funding for the coming year and to do so in an environment where we believe we can finally have the stability and continuity necessary to achieve a winning culture.

“I am extremely grateful to Steven for taking on the challenge and for his ability to make such an immediate impact on the Club. Some of the benefits have already been realised and will be dealt with more fully when we report next year on the present financial year.”