Rangers played a total of 45 competitive matches during the 2011-12 season. Smith's deputy and Rangers record goalscorer Ally McCoist was appointed manager of the club. Hampered by a bizarre transfer policy under Whyte, Rangers found themselves knocked out of first the UEFA Champions League and then the UEFA Europa League by the end of August, depriving the club of income that may have been anticipated. With the new ownership there initially appeared to be some financial stability of the club. A number of first-team regulars were secured on long-term contract extensions including Steven Davis,Allan McGregor,Steven Whittaker and Gregg Wylde. When McCoist entered the transfer market, his first signing being Almería midfielder Juan Manuel Ortiz, he soon encountered difficulties. A number of highly publicised failed transfers, including deals for Wesley Verhoek and Roland Juhász, led to many doubting Whyte’s financial prowess.

Rangers's first Scottish Premier League match of the season was a home match against Jim Jefferies' Hearts, where the league flag was unfurled by then chairman Craig Whyte, as Rangers were under considerable pressure for most of the first half but managed to salvage a draw. The following week, McCoist claimed his first competitive victory as manager with a win over St Johnstone. The season proved to be a baptism of fire for McCoist, by early October the club held a ten-point lead over Celtic, and on 5 November the lead stood at fifteen points over Celtic and twelve over second placed Motherwell. However, a draw with St Johnstone and subsequent defeats to Kilmarnock,St Mirren and Old Firm rivals Celtic, who then went on a run of twenty-one matches undefeated saw Rangers slip to second place where the club remained for the rest of the season.

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