Walter Smith became interim manager of Rangers in April 1991 following the departure of Graeme Souness. With the league title all but secured, Smith guided Rangers over the finishing line and was appointed manager on a permanent basis in May 1991.
Under Smith, Rangers won the next six Scottish League titles, equalling Celtic's record of nine titles in a row set under the legendary Jock Stein.
Over the course of that six years, Smith was allowed to spend £50m on players, including world class talents such as Brian Laudrup and Paul Gascoigne. No other club in Britain spent as much in the period. For most of this time, Celtic were also-rans, as the club was run steadily into the ground in the twilight years of the old Kelly-White dynasty which had run Celtic as their personal fiefdom since the late 19th Century.
Only in the final two seasons of Smith's original tenure did Celtic present a credible challenge for the title.
Smith left at the end of the 1997-98 season, although his departure was announced in October 1997. He later revealed that while the press were told he and David Murray had decided between them that his time was up, Murray had actually told him he would be leaving at the end of the season, feeling that Smith had taken Rangers as far as he was able.
Smith returned to Rangers in January 2007, having walked out on the Scottish national side to do so, to replace the departed Paul le Guen, who had been forced to work on a very tight budget and a fractious group of players who treated him with open disdain as he tried to instill some professionalism into the playing squad.
Almost immediately, Rangers spent £2m on Hibernian FC's highly-rated midfielder Kevin Thomson, and indication that the club was about to embark on a spending spree to overhaul Celtic who clinched their second successive title that year.
A spend of about £10.5m in season 2007-08 saw Rangers reach the UEFA Cup Final, sending most of the continent to sleep in the process with the infamous, "Wattienacchio" defensive system that was later termed, "anti-football" by Leo Messi.
They again failed to win the SPL though, with Celtic clinching the title on the final day of play, defeating Dundee Utd FC as Rangers lost to Aberdeen FC.
Rangers met with disaster in August of 2008, as they exited European competition at the hands of Lithuanian minnows Kaunas, meaning that there would be no UEFA Champions League revenue for season 2008-09.
Despite this, to general astonishment, Rangers splurged even more cash. Steven Davis, Pedro Mendes, Madjid Bougherra, Kenny Miller, Maurice Edu and Kyle Lafferty were signed following their European exit, a transfer spend that eventually totalled £18m.
By January 2009, owner Sir David Murray informed the fans that £3m needed to be raised in the transfer window, or, "bad things would happen." Top scorer Kris Boyd refused to leave for Birmingham City FC, no one was sold, and Rangers clinched the title on the final day of the season to cement Walter's reputation as a coach of some distinction.
Bad things were indeed happening behind the scenes at Rangers by the summer of 2009, and their only signing in the 2009-10 season was a loan deal for Frenchman Jerome Rothen, who left in the January transfer window having made no discernible mark on the team.
It was though, the Season of the Honest Mistake, as Tony Mowbray's Celtic were on the receiving end of an astonishing series of refereeing decisions, all of which they took on the chin as Rangers won the title by six points, their biggest winning margin since the 1999-00 season.
Despite the bank keeping a tight control on Rangers' finances, and a tax bill in excess of £40m being presented by HMRC, in 2010-11, "Walter" was allowed to again outspend the competition, laying out £6m in transfer fees, including the never-paid-for Nikica Jelavic, whose goals in the second half of the campaign were vital in securing the title for Rangers by a single point.
In each of his two spells as Rangers manager, Walter Smith enjoyed a significant financial advantage over all of his rivals, spending £26m in his second spell in charge to add to the £50m he spent in the 1990s.
While all and sundry in the Scottish press lauded "Walter's" achievement in winning three titles in a row on a shoestring, it was conveniently forgotten that throughout that time, Rangers had by a distance the most expensively-assembled squad in the SPL.
Don't forget either that Smith spent that £26m while HMRC were demanding almost £50m in unpaid taxes. Rangers made no attempt at all to put any money aside to pay the tax bill in the event of the First Tier Tax tribunal finding against them.
Like Advocaat, Smith may have spent the money, but it should not be forgotten that someone else sanctioned the spending.