THREE of the four pillars have been built at Ibrox. The last one won't amount to a demolition job for Rangers.

The pillars terminology and explanations were used by both Stewart Robertson, the Managing Director, and deputy chairman John Bennett during their respective speeches at the virtual AGM on Tuesday.

Given the progress that Rangers have made on and off the park - even relative to their sound position this time last year - it was no surprise that the messages, both in terms of how they were delivered and received, were resoundingly positive as shareholders and supporters watched the hour-long interview section that also included contributions from Douglas Park, Ross Wilson, manager Steven Gerrard and James Bisgrove.

The first 'pillar' that Rangers use for reference is their supporters. Particularly this season, the financial picture would be bleak at Ibrox if the fans hadn't stumped up in such remarkable numbers for tickets they may never get to use.

Number two relates to commercial income. That is an area that was way behind where it needed to be in the first few years after regime change and it is only now that Rangers are capitalising on their brand and maximising their revenue through merchandise following the deal with Castore.

The third point is European football. Gerrard has come to the fore here and three successive group stage appearances, and back-to-back qualifications for the knockout rounds, have been hugely valuable at all levels at Ibrox.

And this is where the fourth and final pillar comes into focus for Rangers. Player trading is the final piece of the jigsaw in a business sense.

It is not a wish from anyone to see Gerrard's main men and most trusted operators forced out of the door, but instead a realisation of where Rangers are from football and financial perspectives right now.

For the first time in a long time, Rangers have assets that they can cash in on if needed.

But, crucially, they will only do so at a time and a price that suits them thanks to the continued investment from wealthy supporters and the improved revenue streams.

Bennett put the cost of the rebuild so far at around £65million as money men from across the world have dipped into their own pockets to fund the job that needed doing.

That, of course, cannot go on forever and Rangers are now nearing a point of self-sustainability. As part of that model, they must buy low and sell high at the right moments.

The squad that Gerrard has assembled will be invaluable as a collective if Rangers do indeed go on and lift the Premiership title this term and their place in the history books will forever be secure.

Individually, they are only worth what someone is willing to pay for them. But those figures need not be the first offers that land on the table.

The fact that Ryan Kent and Alfredo Morelos are still at Ibrox is testament to that as Rangers chose not to strike deals with Leeds United and Lille respectively this summer.

“One thing is clear we don't want to sell them at values that don't reflect their full and fair value and you've seen that last year to bids for our players," Bennett said in his address to shareholders. "It has to reflect our valuation. And if that is the case, we'll have a decision to make.

“While player trading is the important fourth pillar to our model, we have not got ourselves in a position where we have to sell to validate the model. That's not the case.

“Yes it's been deficit funding as we've gone on but we're very fortunate that we have loyal investors. That's been a deliberate strategy to front load the investment to make sure we're not in a position that undervalues our players.

“Again you saw that last year and we will not accept that.”

It is a matter of when Rangers start to sell off parts of this squad and it will take a mindset shift from supporters.

Most will agree with the model in principle, but it is hard to accept when players that they have grown fond of head for the exit door and move on.

Given what Gerrard described as the 'noise' around Glen Kamara at present, it seems likely that he could be one of the first to leave. If he does, Rangers stand to make a huge profit on the £50,000 they paid to Dundee last January.

The investment in Kent will pay off, while Morelos will return a healthy margin. As will the likes of Borna Barisic and Connor Goldson should they wish to say farewell.

Rangers are now able to operate from a position of strength, both in terms of the assets that they have and the hand that they can play in the negotiations with suitors.

It would be a surprise if any of the big names were allowed to leave in January. There is too much at stake for Rangers to take that particular risk.

The summer will be very different but the acknowledgements from Robertson and Bennett are not pre-warnings of a fire sale and a widespread exodus from Ibrox.

It is a compliment to the work that Gerrard and his staff have done that there are as many sought-after players in the squad and next term will see the evolution of the group as Gerrard enters his fourth campaign in charge.

Succession planning is a key aspect of the work that Wilson, the Sporting Director at Ibrox, undertakes and that will be crucial as Rangers look to sell and reinvest and prove that the model and the setup works as they hope it does and need it to.

A title win this term would be the ultimate affirmation that Rangers are back where they belong. Then the fourth pillar would allow them to build from a position of strength.