Rangers International Football Club confirmed it is considering a new share issue and also wants backing for a proposal which would allow it to raise more cash in the future.
But the Union of Fans described it as another example of the short-term thinking which is hampering the club.
Chris Graham, from the group, said; "We know that £4m is not enough to do anything substantial to improve the club. It is literally just money to keep the lights on and I'm not even convinced it keeps the lights on much beyond Christmas. There doesn't appear to be any long-term plan."
The RIFC board released a statement to the London Stock Exchange yesterday afternoon stating it is considering issuing further equity with existing shareholders able to buy shares in order to keep their stakes at the same level. RIFC is also seeking support from institutional investors who might be prepared to underwrite the share issue.
The company said: "Discussions are ongoing and there can be no certainty of the outcome of these discussions."
If large numbers of existing shareholders do not take up their rights then the underwriter would step in to make up the shortfall and be left with an enlarged stake.
In an unusual move RIFC said it would cap the fundraising at five million euros, which would allow it to avoid publishing a share prospectus. According to RIFC the driver of that was to avoid cost.
Chief executive Graham Wallace's business review, published in April, stated a plan to raise £20m-£30m.
However at last year's annual general meeting RIFC did not get shareholder approval to issue shares on a non pre-emptive basis. It yesterday said it will seek approval for this option at this year's AGM, although a date for that has still to be set.