25.04.2014 14:52 h

Football: 'Mismanaged' Rangers plan to raise £30 million

Fallen Scottish giants Rangers have "mismanaged almost all of their cash reserves" since emerging from liquidation, according to a review of their finances carried by chief executive Graham Wallace.

Wallace's report, the result of a 120-day review, was released to the London Stock Exchange on Friday, said Rangers had raised £70 million ($118m, 85m euros) since May 2012 but by December had just £3.5 million left.

However, he stressed the Glasgow club had now improved their business practice and that manager Ally McCoist would not have to reduce his squad budget as a result of boardroom mistakes.

Wallace added Rangers now plan to raise £30 million over the next three years but warned fans that plans to withhold season-ticket cash, as a protest against the regime currently in charge at Ibrox, threatened the club's future.

And in a fresh development, Rangers said supporters would not be able to pay for season tickets for next season with debit or credit cards after the company responsible for handling the transactions insisted the club gave it security over Ibrox -- a demand which Gers chiefs have rejected.

Rangers have said that if season-ticket sales slump they may use powers granted to the board at December's Annual General Meeting to allot up to as 43.4 million shares to existing shareholders at 1p each in a bid to raise fresh cash -- a move which will concern some fans as it will allow existing investors to increase their control of the club.

"Should the club suffer a substantial decrease in season ticket income in the next two months, then it would be unable to trade in the short term without seeking additional external funding as previously disclosed in the RIFC December 2013 interim results," Wallace, appointed in November, said.

However, he added: "A successful and sustainable future for the club can be achieved if the club continues to be managed professionally...and has the continued support of the Rangers fans, shareholders and commercial partners."

Rangers cantered to the Scottish League One title in record time this season but they have been through a turbulent two years after they entered administration in February 2012 over an unpaid tax bill.

Liquidation followed in June that year to cap an amazing fall from grace for Scotland's most successful club, who have won a record 54 Scottish top flight championships.

A consortium bought the club's assets but their fellow Scottish Premier League clubs voted 10 to 1 against allowing Rangers application to join the league, forcing them to start life in the country's bottom tier.

McCoist's men eased to the old Third Division title last season and wrapped up the League One title last month.

Rangers are now potentially just one year away from competing again in the top flight of Scottish football if they can gain promotion from the Championship next season.