Rangers owner Craig Whyte has spent in excess of £5 million on transfers and improved contracts for key players this summer with Lee Wallace, Dorin Goian, Carlos Bocanegra, Alejandro Bedoya, Kyle Bartley, Juan Manuel Ortiz and Matt McKay all boosting last season's title-winning squad. Allan McGregor, Steven Davis, Steven Whittaker and Gregg Wylde have also signed long-term contracts with the Champions. The Chairman commented: "We had a serious offer for Nikica Jelavic but it fell well short of the player's true valuation. Ally McCoist is building a good squad capable of competing for the domestic Treble and Jelavic and Steven Davis are key players for the team. "Ally has signed seven new players and re-signed seven more this summer which has been a significant investment in the squad. While all Rangers fans want to see as many star signings as possible there has to be realism as well. "Unfortunately we have not qualified for the Champions League or Europa League group stages and the Cub has to be run in the correct manner. "Ally and I discuss these matters constantly and he has told me he is happy with the squad he has at his disposal. We now look forward to the rest of the campaign and doing all we can to continue our success. "As always at Rangers, we are committed to working together to ensure a successful domestic campaign this season."