Rangers will not be able to pay creditors if £4m share offering fails
The club announced plans to sell off 19.8 million shares on August 6 in the hopes of securing £3.97m.
Rangers bosses have admitted they will be unable to pay the club’s creditors if a planned share offering fails.
The club has announced plans to sell off 19.8 million shares in the hopes of securing £3.97m.
But it cautioned there was no guarantee shares would be bought up by existing investors.
The club has now warned that its future may be "uncertain" if less than 15 million shares are sold.
In a statement to the London Stock Exchange, the club said: “The company will require additional external funding in the latter half of the current financial year in order to meet working capital requirements.
“There can be no certainty as to the aggregate level of subscription for new ordinary shares.
“If the aggregate level of subscription is less than 15 million new ordinary shares the open offer will not proceed and subscription monies will be returned to applicants.
“Should this occur, the company will be unable to pay its creditors as they fall due and the future of the company will be uncertain.
“The directors will immediately have to seek emergency financing which may or may not be available.”
In their April business review, Rangers said they would look to exercise their right to issue shares if sales of season tickets were "materially less than anticipated".
Sales of season tickets sat at just over 20,000 earlier this month, up marginally from the 17,000 renewed by existing ticket holders prior to a public sale.
Rangers previously sold 38,000 season tickets for the 2013/14 season. The gap in sales has prompted the decision to press ahead with the issue of shares, which are available only to existing shareholders.
When asked about the issue, Rangers boss Ally McCoist said he only wished to discuss football matters.