Rangers have confirmed they lost almost £6m (€8.8m) last season despite a rigorous cost-cutting campaign that featured an exodus of big-name players.

Three contact centres employing almost 1,000 people are set to be sold in a deal worth £4m (€6m), it was announced today.

Rangers are considering a “substantial” rights issue to reduce their debt after majority shareholder David Murray admitted the club might be in trouble with the bank if his trading company was not profitable.