Dave King has defended the new regime at Rangers after the club posted losses of £7.5 million for the year ending up to June 30, 2015.
The new board led by King seized power in March and as such the South African businessman says they were unable to make an impact on the finances in such a short space of time.
“It must be remembered these figures are for the financial year which ended in June this year leaving no time for the changes implemented by the new Board, which took over in March, to impact on them,” he said.
“The year under review was a difficult one both on and off the field but Rangers supporters and investors can be assured that significant inroads have already been made on a number of fronts.”
The annual report also confirmed Rangers will need a further £2.5 million before the end of the season with “an initial tranche of funds required for December 2015″, while further funding will be needed for the season after.
King says the club’s future is bright.
“A new football management team of Mark Warburton and David Weir is now in place and the team is performing extremely well on the pitch, staffing levels are improving at Ibrox and Auchenhowie, and there is once again a genuine belief that the Club faces a much brighter future,” he said.
“The year under way is already much more promising on all fronts and I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new Board.
“For the first time in many years we should now be able to move forward in a constructive manner.”