Rangers forecast they will need another £10million in investment before the end of the season after announcing an annual loss of £11.3million.
The annual report of the Rangers International Football Club plc showed increased turnover of 63 per cent to a total of £53.2million, but operating expenses also rose by about £20million to £58.2million.
The Ladbrokes Premiership side declared share issues totalling £18.2million, the vast majority of which went into converting investor loans into new shares, while a further £17.2million has been converted since the end of the financial year on June 30.
The main increases in income came in gate receipts, which went up £9million to £32milion as a result of their vastly improved European performance; commercial and retail activities were up from a six-figure sum to £4million; and UEFA prize money rose from about £650,000 to nearly £6.4million.
The club valued their run to the Europa League group stage, which they have emulated this season, at £14.3million.
The biggest increase in spending was in staff costs, which went up more than £10million to £34.5million.
The loss for the year was down from £14.3million in the previous campaign but Rangers need fresh funding to see them through the season.
The annual report stated: "Building a team to challenge for the Ladbrokes SPFL Premiership and compete in European competition requires continued investment before success in these areas will generate a significant contribution to the revenues and cash flows of the club.
"Until such time, the group continues to require funding support from its investors.
"The board have received undertakings from the investors confirming that they will provide financial support as it is required.
"At the time of preparation, the forecast identified that the group would require £10m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019.
"However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors."
The declaration added that Laird Investments – a family trust belonging to Rangers chairman Dave King – had agreed to provide additional loan facilities if there were any shortfalls to the above requirements, along with a £5million loan facility until October 2021.