 However, despite several close calls, the "Jambos" were unable to break their trophy famine and when debts began to rise, McPherson, by then the club's most valuable asset, was sold back to Rangers in 1992, for £1.3m.McPherson's second spell at Rangers was much more successful than the first, as he helped Walter Smith's dominant side achieve the treble in 1992–93, then a double in the 1993–94 season.McPherson started each of those finals (as well as the 1994 Scottish Cup Final which was a rare defeat, McPherson partly culpable for Dundee United's winning goal), totalling 90 appearances over the two campaigns.