Rangers "Mismanage" £70 Million

Rangers chief executive Graham Wallace's 120-day review into the club's finances claims the Ibrox outfit have "mismanaged almost all of their cash reserves'' since they re-emerged from liquidation.

The Glasgow giants have raised £70million since May 2012 but by December had just £3.5million left.

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 £30million 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.''

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