Rangers chairman Sir David Murray has hinted at a scaling down of big-spending on transfers. He said: "Existing levels of expenditure cannot be maintained in the current economic climate and, as we look to the future, it is becoming more important to focus on the development of young players to ensure long-term sustainability.

"I genuinely believe we are now seeing a steady stream of young talent emerging from Murray Park and will continue to do so.

"We are extremely disappointed not to qualify for Europe this season. But we have regrouped and invested, as we promised, in the playing squad and I know that we can count on our fans' support as we strive to bring back the league title to Ibrox."