At a recent Rangers shareholder meeting a fan took to his feet and delivered an eloquent but ominous warning to the new US owners of the club.

“Be very careful – as much as we’re loyal, if this rot continues, the atmosphere in the crowd will lead to people not turning up and buying what you’re selling us.”

As the fan handed back the microphone and sat back down, his message was met with loud applause from around 800 of his fellow shareholders.

The exchange took place four days before those same supporters watched their side crash out of the Europa League with a draw 1-1 against Jagiellonia Bialystok at Ibrox.

The result was a grim reflection of the side’s poor start to the season under new manager Derek McInnes.

Four games, two draws and two defeats.

And as the former Hearts manager tries to figure out how to turn things around on the pitch, the board would be wise to remember the shareholder warning.

If fans decide that they’re not buying what the new consortium is selling them, the new owners will struggle to balance the books.

As Rangers struggle on the pitch, in the boardroom there will be an understanding that they need fan loyalty if they’re going to fix it.

In short, financially, with the product failing, the owners need to shore up customer confidence.

As previous regimes of the club have found to their cost, that is easier said than done.

Confidence comes through winning and winning brings in the cash.