It was, quite simply, the worst Christmas ever for Rangers.

On December 22, 2014, this traditionally conservative institution, in full view of the football world, was reduced to a grotesque shadow of itself.

The club’s AGM, fittingly for the festive period, turned into a dark pantomime with a cast composed entirely of villains. As bumbling board members entered stage left to boos and vicious name-calling, dignity was conspicuous by its absence as dark clouds gathered over Govan.

Even allowing for the financial implosion that had led to administration, liquidation and the team being sent to the lower leagues, this was surely one of the bleakest days since the club’s formation in 1872.

Onlookers were shocked by what they witnessed as a football giant was reduced to washing its dirty linen in public.

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The Monday morning meeting convened a little more than 12 hours after manager Ally McCoist had been placed on gardening leave, with first-team coach Kenny McDowall put in charge for the remainder of the season.

The mood was grim as shareholders arrived. When officials and legal representatives walked into a gazebo, wisely placed on the Ibrox pitch a safe distance away from the corner of the Broomloan and Sandy Jardine stands, they were immediately booed.

That was nothing compared to the venom aimed at the three Rangers International Football Club directors - David Somers, Derek Llambias and James Easdale - accompanied by The Rangers Football Club chairman Sandy Easdale.

The booing was only interrupted by chants of ‘out, out, out’ and ‘sack the board’. Seasonal goodwill to one and all had vanished into the winter chill.

As RIFC chairman Somers, seemingly billionaire Mike Ashley’s puppet, addressed the meeting, he was drowned out by angry Bears. He asked fans to refrain from disruptive behaviour and warned: “If anyone gets too rowdy I will have to ask you to leave.”

He insisted that he and his colleagues had found a ‘lot of dodgy contracts’ when they took office just over a year ago. This surprised precisely no one.

After reading out his address, Somers handed the floor to Llambias, the newly-installed chief executive. “Not everything I do will be popular,” he said, the only words he uttered that met with universal agreement.

Ex-Rangers player John Brown asked what involvement Ticketus had in the ownership of Murray Park and Ibrox and demanded to know what role former directors Charles Green and Imran Ahmad had in the club.

He then described the Easdales as ‘the two stooges’ and turned to Llambias, saying: “I hope you are of better quality than the rats at the table.”

He got a standing ovation.

After the meeting, one fan had to be held back by stewards while yelling at the directors as they shuffled back into the stadium. It was, by any standards, an unedifying spectacle that shook football. There seemed to be no way back for the club.

A catalogue of disasters had followed after vulture Craig Whyte bought the institution lock, stock and barrel from David Murray for a token pound.

At the end of the meeting there was justified concern that Rangers might, as rival fans insisted had already happened, perish.

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But fast forward seven years and the club has been transformed since that calamitous Christmas.

Dave King returned to Ibrox, bringing stability and installing a new board that could be trusted. Fans slept easier knowing there were no shysters about to plunder the family silver.

He also hired manager Steven Gerrard and last season the Liverpool legend delivered a world record 55th title - halting Celtic’s ‘10’ bid in spectacular fashion. Rangers went unbeaten in the league campaign and became champions with a massive 25-point advantage over their biggest rivals.

The banter years were over.

After Gerrard’s hasty exit, his successor Giovanni van Bronckhorst made an instant impact in his first game in charge. The Europa League win over Sparta Prague secured a spot in the knockout rounds and earned a £2m windfall for the club.

It was also the third year on the bounce the team had qualified from the group stages - an exceptional achievement not fully acknowledged elsewhere.

This year’s festive AGM was held in the warmth of the Clyde Auditorium and the board got a standing ovation for their efforts. There wasn’t a rat in sight.

Managing director Stewart Robertson said the club was close to financial stability, despite posting £23.5m losses in the accounts, and £7.5m required before the end of the season had already been met by investors.

He added: “And we don’t need to sell a player despite what you read in the press.”

Commercial boss James Bisgrove said the club have a good relationship with kit suppliers Castore but the deal hadn’t been perfect. He added: “The £4.6m contract listed in the accounts tells only some of the story and the deal will be worth more in future because of new bonuses.”

That’s why, as Bears approach Christmas, club merchandise is flying off shelves in the run-up to the big day - unlike 2014 when there was a boycott of the Sports Direct kit deal that further lined Ashley’s bulging pockets.

And that’s why Santa will be busier than ever this year delivering tons of Rangers merchandise to happy fans throughout the world.

The mood has lifted and the feel-good factor is back. With a bang.