Rangers posted a pre-tax loss of just over £4.1million for the six months to December 31 - compared to a profit of just under £2.3million for the same period last year. Turnover is also down by £12.9million to £20.1million due to the lack of income from European football after Rangers crashed out of the Champions League at the start of the season.

As a result of these figures chairman Sir David Murray has warned several players will have to leave Ibrox this summer.

He told supporters: "The first six months of the financial year excluded income from Champions League football in comparison to last year.

"The absence of European competition, together with the economic downturn, has confirmed that the size of the squad was neither sustainable from a financial nor football management point of view.

"It is our aim to rationalise the squad to a more manageable level going forward, and integrate the young talent now emerging from Murray Park."