Rangers are today facing a 17,000 shortfall in season ticket sales amid a fans' boycott.

A campaign from the Union of Fans, and backed by former director Dave King and a host of Rangers legends, has seen thousands of fans shun board pleas over ticket renewals.

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The club today revealed that "approximately 17,000" season tickets have been sold so far.

It is in stark contrast to the 34,000 who made the season ticket pledge last year.

Fans demanded that sales figures were released after it was revealed Rangers will launch an £8m share issue to fill a £7m shortfall to meet its spending plans.

In a statement released to the London Stock Exchange today, the Ibrox hierarchy said the ticket sales "reduces the potential requirement for short-term financing".

Fears regarding the security over Ibrox and Murray Park have been at the heart of the UoF's plans to pool season ticket money this summer.

Fans are "encouraged" so many  are prepared to make a stance and are so far refusing to hand over their cash to the embattled board.

They believe pressure put on the Rangers board is paying off.

The club statement read: "The board of Rangers can confirm that approximately 17,000 season tickets have been renewed to date for the club's forthcoming SPFL Championship season.

"This level of renewals reduces the potential requirement for short term financing as highlighted in the Business Review Summary.

"The Board also notes the strategic objectives that it identified in the Business Review Summary published on April 25 2014 and the related funding requirements.

"The Board continues to evaluate its plans in this regard."

Ex-director King, former captain Richard Gough and supporters' groups last month launched a season-ticket trust fund.

The UoF have been advising supporters to pay their renewal money into the Season Ticket Fund.