Rangers announce club 'mismanaged cash reserves' in 120-day review

Rangers
© Getty Images
Rangers reveal in their 120-day review into the club's finances that they have just £3.5m left from the £70m raised since May 2012.

Rangers chief executive Graham Wallace has revealed that the club "mismanaged" almost all of their cash reserves after coming out of liquidation two years ago.

The Scottish outfit's 120-day review into their finances was released on Friday, detailing that £3.5m from the £70m raised since May 2012 was all that remained in December.

The Stock Exchange received the document, which claimed that the club plans to raise £30m over the next three years, but has warned that the club could be threatened should money be withheld from season-ticket sales.

Wallace also claimed in the review that they will not have to cut down the playing budget for manager Ally McCoist.

Rangers manager Ally McCoist looks on from the stand during the pre season friendly match between Rangers and Newcastle United at Ibrox Stadium on August 06, 2013
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