Shares in Rangers dropped to a record low as more than £2 million was wiped off the club's value in a day.

Fresh financial fears now surround Ibrox as shares in the club closed at 19p yesterday, dipping as low as 18.5p before close of business.

In January, the share price was 31p - around 40% higher than last night's figure.

The club's current market value now sits at £15.5m.

The crash has wiped 73% off the holdings of fans and investors who bought into the share offer of December, 2012 when they were on offer for 70p. The Initial Public Offering, championed by former chief executive Charles Green, raised around £22m.

Chris Graham of the Union of Fans, the Rangers' supporters coalition group said: "The business is ailing. It is obviously a concern that the share price is constantly going south."

On Saturday it emerged Newcastle United owner Mike Ashley was waiting in the wings with a cash rescue package as the new share issue failed to raise the £3.6m the Rangers board were seeking.

The UoF said the £2.7m the club did manage to raise would barely get it through to Christmas.

RIFC confirmed they had managed to sell 15,667,860 shares to help fund the club, but that was just 667,860 above the minimum threshold that would have seen the offer collapse and the prospect of a second administration beckoning. It was also nearly £1m short of the amount the board hoped to raise.

Rangers said the completion of the share offer "strengthens our financial position and provides funds which allow the company to start implementing the strategy to rebuild and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success".

Meanwhile, the Union of Fans group has hit out at director Sandy Easdale over recent stories surrounding his alleged involvement with convicted fraudster Rafat Rizvi.

As reported in yesterday's Evening Times, Felda United FC chairman Datuk Faizoull Bin Ahmad was spotted in Glasgow alongside Easdale, the chairman of Rangers' football board, Rizvi and two other men.

Malaysian tycoon Bin Ahmad insisted he has had no dealings with Rizvi, denied knowing him, and said he had no interest in buying the toubled Ibrox club.

rebecca.gray@ eveningtimes.co.uk