FANS have raised fresh concerns about Rangers' finances after it emerged the club has still not paid off £1.5 million in loans taken out to stave off the prospect of a second insolvency in two years.

Rangers International Football Club plc is expected to pay off the loans as soon as enough money has been raised from season ticket sales. But, ten days after the season ticket renewal deadline passed, it is understood no funds have been released.

The club, which made a £14.4m loss in the 13 months up to last June, has to pay the debt by September 1 - or as soon as enough season ticket revenue has been raised.

The inter-creditor agreement gives the all clear for revenues from 2014/15 season-ticket income to used to pay off the debt to football board chairman Sandy Easdale and shareholder George Letham. The loans are secured against the stadium car park and the Edmiston House block.

Andy Kerr of the Rangers Supporters Assembly said: "The worrying thing is with the money going in now, it might be gone by August 1. It sounds as if we are pressing for the money to come in now to keep us going during the summer."

The Union of Fans and former Rangers director Dave King have urged supporters to pay their season-ticket money into a trust fund until their concerns about the running of the club are met.

Public season ticket sales will not start until late June. In the meantime, fans can renew their season tickets.

A Rangers spokesman said: "The loans will be repaid in accordance with the terms of the agreement."

Around 500 Rangers fans gathered at Ibrox on Saturday to protest against the club's board and shareholders.

martin.williams@ eveningtimes.co.uk