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RANGERS face a fresh crisis after it emerged they may not have raised enough money from season ticket sales to pay off the short-term loans they took out to keep the wolf from the door.

The under-fire board borrowed £1.5million in February on the promise the cash would be paid back the instant ticket sales hit that figure.

However, by close of business on Friday night, shareholder George Letham – who took over the £1m share of the debt from Laxey Partners in March – had not received a penny.

MailSport understands the wealthy businessman has been waiting more than a week for a response from chief executive Graham Wallace to an email questioning how many tickets HAD been sold.

Fans group the Sons of Struth kept up the pressure on the Ibrox regime with a postcard protest yesterday at the Ibrox ticket office.

And it’s clear the organised boycott of season books by the Union of Fans, allied to a wider distrust of the board, is biting home.

The club have been offering season tickets for six weeks, with renewals closing a week ago and the general public now being allowed to buy.

But the terms of the Inter Creditor Agreement, signed in February binding Letham and club chairman Sandy Easdale together, state Rangers must settle the debt the minute they have enough cleared funds to do so.

Letham took on the sum from Laxey Partners after outrage at the hedge fund’s terms that would have earned them a whopping £150,000 in interest or shares over six months.

In an announcement to the Stock Exchange, the club claimed all other terms of the existing agreement with Laxey would remain.

Which means that Section 6.1 stands. It states: “The borrower shall repay the Easdale debt and the Laxey debt on such Business Day as the Company has received cleared funds in an amount equal to or exceeding the aggregate principal amount of all then outstanding loans from:

6.1.1 the sale of season ticket monies for the 2014-15 football season or 6.1.2 a placing or rights issue or other form of debt or equity fundraising of the company or any member of the Rangers group, or whichever is first to occur and in any event no later than September 1 2015.”

The club have been coy over how many tickets have been sold but estimates put the figure at about 14,000.

However because credit company First Data withdrew their facility, the club had to give fans a chance to pay up their season books in four instalments.

Therefore, they will only have taken in a quarter of the cash from the fans who have chosen that option.

It’s believed they would need the full amount to have been paid for at least 5000 tickets to meet the terms.

Either way, the number is less important than the actual income.

Contractually, when the target of £1.5m is hit, the money MUST go straight to Letham and Easdale, leaving the club with the same liquidity problem they had when they took the loans in the first place.

A Rangers spokesman said: “The loans will be repaid in accordance with the terms of the agreement in a timely and proper

manner. We are in regular dialogue with Mr Letham and Mr Easdale.”