Last updated on .From the section Football

Thee accounts, for the year ending 30 June, show a £6.7m net loss

Rangers made a £6.7m net loss last season and are relying on chairman Dave King to stem further shortfalls.

The losses, revealed in the Rangers International Football Club plc annual accounts, are double that of the previous campaign.

The report predicted the club would need £4m of additional funding this season and a further £3.2m next term.

Rangers paid a £3m sum to release themselves from a retail contract with Mike Ashley's Sports Direct.

The accounts, for the year ending June 30, 2017, revealed Rangers received almost £6m in interest-free loans from directors and other investors, £3m of which came from King's New Oasis Asset Limited, which is the biggest shareholder in the club.

'Provide financial support'

The loans took the total debt to £15.9m - of which £6.7m is owed to New Oasis.

The report said: "The board have discussed the club's forecast cash shortfall and have reached an agreement with New Oasis Asset Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.

"Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to July 2019.

"The board is satisfied that those parties will continue to provide financial support to the group and have satisfied themselves as to the validity of the undertakings.

"The board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the groups' 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."