That was the warning from Scottish football financial expert David Glen today as he cast his eye over the Ibrox club's interim results.
Glen, a partner at leading accountancy firm Price Waterhouse Coopers, was unsurprised at the figures released by the Glasgow giants yesterday.
The results show that, in the seven months leading up to December 31 last year, Rangers posted a loss of £7million.
Glen, the author of the Financial Review of Scottish Football, told SportTimes the off-field turmoil they endured last summer was responsible for the loss.
"The interim results were what you might have expected," he said. "They will still have been carrying a big cost of players from the old regime early on.
"They still had a few of the expensive players at the start of the season. When they drifted away there were reductions in outlay and there have been further reductions since."
Echoing the comments made by Rangers chief executive Charles Green and financial director Brian Stockbridge, Glen predicted their situation would improve.
And he believes the supporters deserve enormous praise for the recovery given their astonishing backing of Ally McCoist's team during the 2012/13 campaign.
"From looking at their finances, they should be able to keep things going thanks to their season-ticket money," he reflected.
"The bulk of the club's income at the moment comes from season tickets. Cash flow, then, will not be as great in the second half of the season as the first. But then they will get season-ticket money in during May. That is what has seen them through.
"They have dropped down into the Third Division, but they still have 45,000 at their games every week and 38,500 season-ticket holders.
"In terms of income, the deals coming through now (with Blackthorn Cider, Puma and Sports Direct) will also give them a boost in the second half of the season."
However, Glen believes the current Irn-Bru Third Division leaders will still struggle to make a profit in the next two seasons.
He fears any stumble in their bid to return to the top flight – including being consigned to the bottom division in a controversial 12-12-18 league set-up – could have consequences.
And he reckons the Ibrox club could be forced to use the £21m they have in the bank from their successful share offering last year to cover day-to-day costs.
"All being well for them, Rangers will get back to the SPL with consecutive promotions," he said. "But nobody can guarantee that. I am sure there will be various business models being put together.
"They have got back on track. But what if they don't win promotion one season? What if there is league reconstruction? What if they end up in a bottom division of 18 teams next season?
"Yes, the Rangers fans have done fantastically to date. But would they be up for that? Things like that could have an impact on the club financially."
Glen continued: "Significant television money is not there and won't be for a couple of seasons. They are not going to see vast profits in the next couple of years.
"They will probably have enough to see themselves through. But if they have a hiccup along the way I think some of that £21million will be used for the running of the club.
"If they win consecutive promotions they could probably get away without doing that. But, if not, they might need to dip into it. But they have got money in the bank to see them through.
"The main issue now is matching their ambition against the cost to get there. To get back to the SPL and Europe, they are going to have to speculate to accumulate."