Rangers fans in red card protest over finances

Fans are worried about the threat of administration

Rangers fans held a protest against the club's board during the Championship game against Queen of the South at Ibrox.

Fans were alarmed at the threat of Rangers International Football Club possibly going into administration if a proposed open offer of shares fails.

An announcement was made to the Stock Exchange on Friday.

It revealed RIFC is seeking to raise £3.7m by offering more than 19 million shares to existing shareholders.

The open offer is not underwritten, though, and needs at least 15 million of the shares to be taken up to succeed.

The announcement emphasised that the £3.7m is required to pay creditors and meet working capital needs, and that if the offer fails, RIFC could fail to meet their undertakings.

Emergency funding would need to be sought, with the money required to cover a shortfall in season tickets, with 15,000 fans having refused to renew this summer.

Dissatisfaction with the board is long-standing, as is the club's fundamental financial problems - with a further share issue planned for October - and fans expressed their anger and frustration on Saturday.

Fans held up red cards during the game against Queen of the South

Red cards were handed out before kick-off at Ibrox, and disgruntled fans held them up in the 18th and 72nd minutes, with the club having been founded in 1872. A further protest was also planned for outside the main entrance to Ibrox following the end of the game.

Fans have been opposed to the board and the shareholders who have an influence on the directors since the annual general meeting last December. Supporters are also opposed to Mike Ashley, the owner of Newcastle United, raising his stake in Rangers.

That discontent found its voice at Ibrox, and is likely to continue in the following weeks as the financial situation remains unstable.