Rangers chairman David Somers has admitted that “material uncertainty” over season ticket income may cast doubt about the club's ability to continue as a going concern, as the Ibrox outfit announced its cash reserves fell by more than £17.5million last year.
Rangers announced a loss of £3.7million in the seven months up to the end of 2013, an improvement of 50 per cent on the same period 12 months earlier.
But they had just £3.5million cash on December 31, despite bringing in £22million in an initial public offering (IPO) share issue just over a year earlier.
The main Rangers supporters' groups recently raised the possibility of drip-feeding season-ticket money to the club via a trust fund amid continuing distrust over the board's ability and intentions.
And the club, who recently arranged loans totalling £1.5million from two shareholders, admits that casts a shadow over the club's immediate future.
In the interim report, Somers said: "This possibility results in the existence of a material uncertainty which may cast doubt about Rangers' ability to continue as a going concern and therefore that the company may be unable to realise its assets and discharge its liabilities in the normal course of business.
"Nevertheless, after making the appropriate enquiries and considering the uncertainties referred to above, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the interim results."