Rangers are to launch an £8million share issue to fill a £7m shortfall after a fans' season ticket boycott, it was reported today.

With tensions between the Ibrox boardroom and terraces at a high, the beleaguered board met investors in London yesterday for an eight-hour summit.

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The BBC reports the new issue is to take place in August in a bid to escape from another financial crisis.

Bus tycoon brothers James and Sandy Easdale were understood to be among those at the board meeting at the offices of the club's financial advisers Daniel Stewart.

Rangers are in need of cash after thousands of fans refused to renew season tickets. Ibrox chief executive

Graham Wallace recently told fans the Ibrox club was "in a good place" financially. But it is reported that the club wants at least £7m to meet its spending plans.

It also seems that he - and the board's directors - have failed to win over hostile fans.

The Rangers Union of Fans launched a website to allow fans to pool season ticket cash and only release it to the club once security over Ibrox and Murray Park has been handed to fans.

The UoF declared Wallace's position is "untenable". Spokesman Chris Graham said: "One of the things that angered us was his attempt to shift the blame for the credit and debit card facilities on to the Union of Fans. It had nothing to do with the season ticket boycott."

Rangers refused to comment.