Rangers announce plans to raise £4m in new share issue

Rangers have announced plans to launch a new share issue in order to raise £4m.

The Scottish outfit told the Stock Exchange that they will make new shares available to existing shareholders.

The club, who currently reside in the Scottish Championship, believe that the new share issue could help Rangers become a "stable, sustainable and successful business".

According to the Daily Record, Rangers have warned in their statement that they will "require external funding" towards the end of the financial year, which ends in April 2015.

Rangers also stated that ticket prices will improve the club's financial status should they earn promotion to the Premiership next season.