AUDITORS have sounded a new warning over whether Rangers' operating company can continue as a going concern.

Deloitte formed the opinion after considering the future financial position, including the need to raise more funds if the Championship club are not promoted this season.

It also raised a fresh warning over the "uncertain outcome" of former Ibrox kingpin Craig Whyte's legal battle over ownership, after considering the "adequacy" of director disclosures over the case.

Details of the concerns come in newly published accounts for the year ending June, 2014 which showed that The Rangers Football Club Ltd (TRFCL), recorded a loss of £8.1 million - a 54per cent drop on the previous year (£17.6 million).

Whyte, the venture capitalist, who bought Sir David Murray's majority shareholding in Rangers in May 2011 had always insisted he was the main driver behind Sevco 5088.

The company was identified by administrators in May 2012 as being the newco that was "contractually obliged" to purchase the assets and business of operating company RFC 2012 plc out of administration.

Whyte and his associate, Aiden Earley, have argued that former chief executive Charles Green was working alongside them and that they, consequently, are the rightful owners.

Rangers directors have consistently insisted the claims are of no merit.

Auditors took into account the need for more funding and the directors assumptions in reaching the belief that the company had the resources to continue to operate indefinitely.

Directors of TRFCL, the engine room Rangers subsidiary, in making its 'going concern' assumption said forecasts were "critically dependent on the football performance for the rest of the current season" and that the team were promoted to the top flight club at the end of this season.

Rangers dropped to third in the Championship table after a 2-0 defeat at Ibrox to second placed Hibs on Friday and now trail leaders Hearts by 22 points. The leading side get automatic promotion leaving the second, third and fourth placed teams to fight it out with the Scottish Premiership's second bottom team for the right to be in the top flight.

The accounts show that TRFCL owes parent company Rangers International Football Club Plc (RIFC) £15.667 million which are repayable on demand, but the controlling holding company had no intention to claim the money back "in the foreseeable future".

Operating costs dropped from £35.304 million in 2012/13 to £25.297 million, staff costs went down from £17.616 million to £13.966 million and the wages to turnover ratio for the year dropped from 44per cent to 38per cent.

The annual report signed off by chairman David Somers says there would be "significant operating profit impact" next year if Rangers were not promoted and indicated the timing of related cashflows would require the need for further funding "towards the end of the period through to the end of January 2016".

Last month Rangers secured a new refinanced short-term £10 million loan from Sports Direct to prevent the business suffering an insolvency.

The board's 'going concern' statement also included a "key assumption" relating to a rise in season ticket numbers and prices this financial year to reflect an expected return to the Scottish Premiership.

Accounts show the number of season ticket sales dropped from 38,228, to 36,039, before the start of this season. But it is known that Ibrox attendances this campaign have slumped to as low as 11,190 in the wake of growing unrest over the club's financial dealings.

Auditors Deloitte said the conditions around the need for further funding and other factors including the directors' own going concern statement indicated "the existence of a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern and therefore that the company may be unable to realise its assets and discharge its liabilities in the normal course of business".

It also said that while the company were satisfied after a thorough investigation that Whyte's claims have no legal merit.

Mr Green has denied that Whyte or Mr Earley were involved in Sevco 5088.

Rangers say Mr Green was the sole director and he had resigned to be the founder director of Sevco Scotland Ltd, the company that took over the assets of the club. It became TRFCL.

Mr Somers while acknowledging there were going concern worries, said that directors "believe that there is a reasonable expectation that the company and its parent company Rangers International Football Club plc will have adequate resources to continue in operational existence for the foreseeable future".

Meanwhile, it has been reported that the club has found a new venue in London for its extraordinary general meeting on March 4, after the original hotel pulled out.