RANGERS will require an additional £8.8million of funding from investors before the end of the campaign – and another £14.4million to see them through to the culmination of next season.

The Ibrox board published the accounts for RIFC plc on Friday night as a loss of £15.9million was posted to the year end June 30, 2020.

Rangers saw revenue rise by 11 per cent during the financial period but chairman Douglas Park predicts that the Premiership leaders will take a £10million hit as a result of playing matches behind closed doors this term.

Rangers received £5million worth of investment from businessman Stuart Gibson last month and will again rely on wealthy benefactors in the coming months, with Park and John Bennett agreeing to provide further financial assistance.

The RIFC plc report states: “At the time of preparation, the forecast identified that the Group would require £8.8m by way of debt or equity funding by the end of season 2020/21 in order to meet its liabilities as they fall due with further funding of £14.4m required by the end of season 2021/22. The first tranche of funding is required from investors before the end of November 2020.

“However, the final amount required is dependent on future football performance, European football participation, player trading and the ongoing impact of COVID-19 amongst other factors.

“The Board of Directors have discussed the Club’s forecast cash flow shortfall and have reached agreement with Douglas Park and John Bennett whereby they will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows.

“Further to this, Douglas Park and John Bennett have agreed to provide a formal facility with funds being made immediately available to meet short term cash needs with further funds to be made available to draw down as they are required.

“The Board has considered the level and timing of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required.

“The Board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.

“Nevertheless, having secured the offer of further loan funding referred to above, the Board of Directors believe that there is a reasonable expectation that the Group will at all times have adequate resources to continue in operational existence for the foreseeable future.

“Accordingly, they continue to adopt the going concern basis in preparing this report and the statutory financial statements.”