Rangers today revealed staggering losses of £7.5million in the last year.

The official annual report reveals the club has been haemorrhaging money and needs a £2.5m cash boost to be able to reach the end of the season.

However, the figures are a slight improvement on the previous year, when the club lost £8.1million.

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Turnover fell by around a million pounds to £16.5million despite the club moving up to the Championship.

Meanwhile, operating expenses also fell slightly to £26.8million.

Gers chairman Dave King said the club "faces a much brighter future" as he announced the AGM will take place in Glasgow on Friday November 27.

The Light Blues underwent regime change towards the end of the financial period, when King and the Three Bears consortium seized power from Mike Ashley and allies.

It followed a shareholder vote on March 6.

According to the report, Derek Llambias and Barry Leach were paid "consultancy fees" before becoming Rangers staff.

Llambias was paid £22,661 and Leach received £26,251.

After becoming staff, Llambias was paid a salary of £45,726. Leach was paid £35,416.

King, said: “It must be remembered these figures are for the financial year which ended in June this year leaving no time for the changes implemented by the new board, which took over in March, to impact on them.

"The year under review was a difficult one both on and off the field but Rangers supporters and investors can be assured that significant inroads have already been made on a number of fronts."

The board also listed the new management team of Mark Warburton and David Weir, investment in staffing levels and cash for stadium infrastructure, among the "key advancements" made since March 6.

King added: "A new football management team of Mark Warburton and David Weir is now in place and the team is performing extremely well on the pitch, staffing levels are improving at Ibrox and Auchenhowie.

"There is once again a genuine belief that the club faces a much brighter future.

"The year under way is already much more promising on all fronts.

"I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new board.

"For the first time in many years we should now be able to move forward in a constructive manner."

The report also revealed Rangers sold 34,307 season tickets for the 2015/16 season.