Rangers are 'set for £20million investment' from new backers, according to reports.

The Scottish Sun are reporting that a 'mystery Asian investor' is poised to pump cash into the Ibrox club along with a Hong Kong-based money man.

It is claimed by the publication that confirmation is expected later this month regarding the two backers who could be in attendance in Glasgow at Sunday's clash with Celtic.

Gers posted losses of £11.3million with the club predicting they'd need more investment - of around £10million - before the end of the current season.

The annual report of the Rangers International Football Club plc showed increased turnover of 63 per cent to a total of £53.2million, but operating expenses also rose by about £20million to £58.2million.

The annual report stated: “Building a team to challenge for the Ladbrokes SPFL Premiership and compete in European competition requires continued investment before success in these areas will generate a significant contribution to the revenues and cash flows of the club. Until such time, the group continues to require funding support from its investors.

“The board have received undertakings from the investors confirming that they will provide financial support as it is required. At the time of preparation, the forecast identified that the group would require £10m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019.

“However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors.”