Rangers held their annual general meeting on Friday with shareholders hearing reports from key Ibrox figures and putting their questions to those in charge at the club.

As expected, a wide range of issues on and off the pitch were covered and chairman Dave King gave updates on the good and bad at the club.

STV has highlighted five of the main talking points from his address to shareholders.

The key theme of King's speech was about the need to curb expectations on spending and warn about the ongoing challenges.

The Ibrox chairman communicated the board's belief that deficit funding would be required to meet operational shortfalls.

In other words, the current situation is not profitable and more investment, probably in the form of loans, will be needed. It's a long way from talk of "overinvestment" and figures of £30m.

A resolution put to shareholders may allow fresh shares to be issued, allowing new money into the club, but the result of that vote will not be announced until next week.

There were no less than nine references to Mike Ashley or Sports Direct in King's speech.

The businessman has already opposed the resolution to issue new shares and his vote against the move is also supported by the Easdale brothers.

King accused Ashley of "bullying" directors by suing them and claimed this would put off independent directors from joining the board.

Reference was made to freeing the club from "onerous provisions" when Ashley's £5m loan was repaid.

The ongoing dispute with Ashley's Sports Direct led to what King claimed was "a significant loss of revenue" and also substantial legal costs.

King did say he believed he would be able to free the club from contracts with Sports Direct but stressed the current situation was hindering the club's efforts to improve their finances.

Underlining King's message that there would be no big spending on the playing side to "ensure" success, the chairman chose to highlight English sides as examples of both success on a tight budget and the perils of overspending.

Citing Leicester City's surprise English Premier League triumph last season, he said that there was scope for a team to "outperform its far more financially muscled competition".

Even under current circumstances, Rangers' budget exceeds 40 league clubs and a direct comparison with a fairy tale is a bit of a stretch.

Alongside that example he pointed to Leeds United as a club who had overspent in pursuit of European success and instead slipped down the leagues after financial distress.

In what seemed like veiled criticism of manager Mark Warburton and recruitment chief Frank McParland, King shared his view that the players brought in for Rangers Premiership campaign had not been a complete success.

"Unsurprisingly, we have not been as fortunate as last summer with our additions," he said.

"For various reasons, a significant part of our increased player budget has been tied up in resources that have not, up to this point, made a meaningful contribution on the pitch."

While the Joey Barton debacle is the most obvious failing and fellow experienced recruit Niko Kranjcar has been laid low by injury, King's subsequent comments suggested it was not the two big names he was referring to exclusively.

He added: "It is inevitable that there will be setbacks such as this as players adjust to the higher level required of Premiership football and the special demands of playing in Glasgow for a club like Rangers."

Clearly players who were recruited without experience of big clubs have also failed to impress King.

Notably, the chairman also highlighted a specific point over what he expected this summer and what was delivered.

"We signed 11 new players in the summer transfer window even though the manager and I previously indicated a range of five to seven additions would be required," he said.

"The player spend was consequently increased by 60%."

Some supporters and shareholders had called for more diversity on the board and new investors would presumably want an input into the direction of the club.

That isn't going to happen soon.

King said. "Unfortunately, however, we are not yet in a position to invite truly independent directors on to our board."