Way back when the Americans took over at Ibrox, I wrote a lengthy piece on the proposed changes to the Articles of Association, something that the mainstream media completely missed but which I had been tipped off to watch carefully.

One of the things I said at the time was that once they had their feet under the table, they would move very quickly to assume full control of the club. The current share issue, which is being bandied about as raising £16 million for various purposes, including player spending, is the next step towards that. That is what this is really about.

The Americans have put their money where their mouths are, or so the theory goes. They have spent on the first-team squad. But there has never been an Ibrox board that has not spent money on the first team, and some have spent an awful lot of it.

By my estimation, their net spend is around £16 million, which is in the same ballpark as the money they are now trying to raise.

It is also instructive that the club is moving to a share issue to fund transfers this early in the day, repeating all...