RANGERS made a £3.3 million loss as they won the Scottish Championship Division title and secured a return back to the Premier League.

The club's annual report reveals that losses have halved at the club in the past year following the takeover by Club’s Chairman Dave King's board and the launch of rebuilding plans.

Turnover has risen to £22.2 million to the year ending June 2016, an increase of almost £6 million on the 12 months previously.

However, the statement revealed that without the backing it has received from wealthy investors doubts would be cast over the group's ability to continue as a going concern.

The statement reads: "The Board of Directors has received undertakings from certain investors that they will provide financial support to the Group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.

"The Board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal

course of business."

Other figures in the report show that Rangers wage bill for the current campaign is up 60 per cent at £10.3 million.

Turnover was up on the back of increased average attendances from 34,000 to 44,000 last season and season ticket income rose by £3.2 million thanks to sales of more than 42,000.

Hospitality sales rose by almost £1 million and match ticket sales by £500,00, with the club receiving £1.1 million from its run to the Scottish Cup final and success in the Petrofac Cup.

The club raised more than £100,000 for charity with donations including £10,000 given to the Glasgow Children’s Hospital Charity, coinciding with the annual visit to the hospital by the Rangers manager and first-team squad.

Chairman Dave King said: “The Board and the executive have had to work extremely hard over the last year to deal with all of the issues that the Club has faced.

"This effort must be repeated in the coming year as we continue to achieve our goals while strictly adhering to the strategies and disciplines that are necessary in what remains an extremely challenging operating environment."

He added: “During the year under review the Board secured the much-needed capital to fund the football operating deficit that was necessary to ensure promotion and to repay the Sports Direct loan of £5 million.

“Our supporters understand the difficulties that have been overcome and the challenges that still lie ahead and their unwavering loyalty has been the one constant through these years of change.

"This support and backing is vital if Rangers is to regain a position of domestic dominance and re-enter the European arena.

"No matter what we do in the Boardroom or on the football pitch, nothing will be achieved without our supporters whose high expectations must always be taken into account.”