THE reaction to the annual accounts released by Rangers on Friday night was as predictable as the outcome of a Scotland penalty shoot-out.

Celtic supporters, who have not had a great deal to cheer about of late, and a fair few fans of their Scottish rivals greeted them with unbridled glee.

A loss of £15.9m to the year ending June 30, 2020? Additional funding of £8.8m required from investors to make it through to the end of the 2020/21 campaign? A further £14.4m needed to get to the end of next season?

The figures provided their detractors with further irrefutable evidence the Govan outfit are lurching towards another cataclysmic financial disaster as a consequence of their risky business model.

Meanwhile, follow followers of Rangers, while concerned about another set of disappointing results, were rather less apocalyptic in their outlook and expressed their gratitude to their wealthy benefactors for continuing to bankroll their revival.

The fact they have several outstanding players who are highly saleable assets, including Borna Barisic, Glen Kamara, Ryan Kent and Alfredo Morelos, and can be offloaded for multi-million pound transfer fees in future if cash is required was clearly comforting for many.

The recent £5m investment by Paisley-born and Far East-based property entrepreneur Stuart Gibson along with as the fresh income streams from kit suppliers and retail partners Castore assuaged the fears of others.

The possibility of Champions League group stage football, something that would bank them vast sums, returning in the not-too-distant future was even mentioned by a handful of optimists.

Nothing much can, with Steven Gerrard’s side now 11 points clear in the Premiership and on top of their Europa League section, wipe the smile off the faces of Rangers supporters at the moment.

Assessing the ability of the Ibrox outfit to continue as a going concern impartially has been straightforward for some time; they will be able to do so as long as their backers continue to provide soft loans that will be converted to equity at a later date.

And Douglas Park, the motor industry magnate and chairman, as well as John Bennett, an experienced fund manager and board member, have agreed to offset the projected shortfalls in the months ahead.

Yet, it is, despite the huge strides forward that Rangers have made both on and off the park in recent years, still unfortunate and regrettable that the hierarchy appear no nearer to achieving self-sustainability than they were when the hated former regime was ousted five-and-a-half years ago.

When he stood down as chairman at the AGM a year ago this week, Dave King declared there was no longer any need for directors and other shareholders to fund the club on an ad hoc basis and insisted there could be a return to traditional financial planning. He received a standing ovation. But 12 months on that prospect appears further away than ever.

Of course, the Covid-19 outbreak back in March has presented every club in the world with unprecedented challenges.

Rangers may have sold out all 46,500 of their season tickets for the third year running despite there being no guarantee of anyone being allowed through the turnstiles to cheer on their team. But Park estimated that having to play matches behind closed doors this term will cost them in the region of £10m in his annual report.

This crisis has underlined the need for Rangers to balance their books and live within their means. There is a limit to the benevolence of Park, Bennett and their associates. They aren’t bottomless pits. And unforeseen events with catastrophic repercussions such as the pandemic can and do happen.

The financial crash of 2007 and 2008, for instance, led to the collapse of HBOS and its takeover by Lloyds TSB in 2009. The understanding that Rangers had with HBOS over their debts came to an abrupt end. Lloyds TSB were soon looking to recoup the £30m they were owed. The Ibrox club was sold to Craig Whyte for £1 two years later and they received the remaining £18m they were due. What happened after that has been well documented.

There can, unlike in the past, be no doubting the background, intentions, professionalism or means of those who currently occupy the boardroom or hold major stakes. There is no chance of them taking such a reckless approach to securing sporting success as their predecessors.

But what happens if Morelos suffers an injury or his form in front of goal dries up? There will be few interested parties willing to splash out £20m to secure the striker’s services. What happens if European qualification isn’t achieved? The latest results show the run to the last 16 of the Europa League last season was worth around £21m. Every eventuality must be considered. It would be imprudent not to.

It is imperative the custodians of Rangers strive to get into the black with the same vigour as they are pursuing silverware in the current uncertain economic climate. Their loyal fans deserve to have a financially stable Ibrox club for the unstinting backing they have given through the dark days of the past decade.