The deficit was more than double the previous year and while chairman Dave King insisted the club had experienced a "positive" year, the annual report was slipped out 15 minutes before the team kicked off a league match against Kilmarnock.

The club had interest-free loans totalling £23.4million on June 30 and declared they would need £7.6million more investment this season and next.

Board changes

Julian Wolhardt could face shareholders after being appointed to the board in August.

The directors may be asked about the departure of Paul Murray from the board in May – he was a former director of oldco Rangers and was a key player in attempts to wrestle power away from a previous regime.

Barry Scott returned to the board in October after a short-lived departure.

Sports Direct

Rangers remain embroiled in costly legal wranglings with former shareholder Mike Ashley's retail firm despite spending £3million during the previous financial year in a bid to free themselves from a contract.

King vowed to take the company to court last month for alleged non-payment of debts despite the club suffering two recent court defeats which are set to cost them about £1million in legal fees.

Takeover Panel

King is also fighting a legal battle against the Takeover Panel after failing to comply with an order to launch an offer for the remainder of the club's shares after being found to have acted in concert with allies when taking control of the boardroom in March 2015.

King suffered a setback earlier this month when he failed to stop the regulatory body pursuing a contempt of court case against him.

Rangers recently announced they had proceeded with a separate share offer that was designed to cut debts, but King may be quizzed on whether his personal battle is hampering the club.

January transfer window

Manager Steven Gerrard will face his first AGM in a position of strength after leading Rangers to the Europa League group stages and with a chance of topping the league when they face Hearts on Sunday.

He stated last week that there would likely be no major incomings in January and possibly no new signings at all, and later declared that he would fight "tooth and nail" to keep top goalscorer Alfredo Morelos at the club.

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