RANGERS have announced losses of £2.6million.

The figures were posted as part of the club's interim results for the six months period to December 31 2014 on the stock exchange on Tuesday morning.

It was revealed that the club will have to pay £500,000 to Newcastle United if they are promoted.

It came after Rangers were loaned five players from Newcastle during the January transfer window.

Operating expenses, excluding amortisation of players' registrations, decreased by £0.9m compared to the previous year, to £15.7m.

The stock exchange statement revealed that the club made £1.3m from hosting the Commonwealth Games rugby sevens.

Meanwhile, the club had an average home league attendance of 32,321 during the period - the thirteenth highest UK football attendance.

Paul Murray, Interim Chairman of Rangers, said: "These results are historical and relate to a period before the new Board took office.

"I wish to draw shareholders' attention to the fact that these interim results have been reviewed by Jeffreys Henry LLP. €Å½I have been informed by Deloitte, the existing auditor, that they informed the previous Board of their intention to resign following the June 2014 audit.

"The previous Board chose not to announce this nor did they find a replacement for Deloitte.

"With limited time to have these results reviewed the Board asked Jeffreys Henry to perform the exercise as Independent Reporting Accountants, not auditors.

"They have previously carried out work for the Club and therefore know the finance functions well.

"The Board will make a further announcement on this subject once we have found a replacement firm for Deloitte."

Mr Murray said the new board's focus was on the future.

He said: "We are in the process of developing a business and funding plan which will help us rebuild the Club and ensure it enjoys football and commercial success in the future.

"We will work closely with our shareholders, supporters and other stakeholders to achieve our vision of building a modern football Club founded on our traditional values and standards. The recovery process will take time but if we work closely together we are confident of success."