RANGERS have “completely missed” the opportunity to rebuild the club on a stable footing after administration, according to a review conducted by the club’s CEO Graham Wallace.
The League One champions-elect have raised £70 million since May 2012 but had just £3.5million left by December 2013.
Wallace’s document - released to the Stock Exchange on Friday morning - insists the club have now streamlined their business practices and will not have to cut boss Ally McCoist’s playing budget.
He says the club now plan to raise £30 million over the next three years but warned supporters that plans to withhold season-ticket cash threaten the club.
Wallace’s report says: “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.”
The report reveals that Rangers fans purchasing season tickets will be unable to do so using credit or debit cards, after card processing firms reportedly demanded security over Ibrox Stadium in exchange for processing the sales.
The report states: “The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.
“The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.”
Amongst other issues identified in the report, Wallace claims that the club had “a culture where there was limited responsibility and ownership for financial management”.
Wallace adds that the player wage bill at Ibrox is “well in excess of the level it should be primarily due to generous and poorly structured contracts”.
The report sets a target for the club to win the SPFL Premiership and establish a competitive side in European competitions by summer 2017.