That was the prediction of a leading financial expert today after the Ibrox club released its annual accounts yesterday.
The Gers raised over £22million in a public share offering last December - and have since taken in £4.5 million in season ticket money.
But financial director Brian Stockbridge has confirmed that the Glasgow giants had just over £11m in the bank as of June 30 this year.
And Neil Patey, a partner in accountancy giants EY, believes their remaining funds will be used up before the end of next season. Ally McCoist's side will be playing in the SPFL Championship by that time if, as looks highly likely, they win League One this season.
He said: "When the interim results were released a year ago I predicted that would get them back halfway through the First Division, what is now the Championship.
"Based on these accounts, it kind of looks as if that is now what is going to happen.
"Of course, they could bring in additional money from sponsorship and merchandising as they move up the leagues.
"I am sure they will also continue to cut costs.
"However, very simplistically, they have operations outflow of around £600,000 a month and they have £11m available to sustain them.
"Assuming everything stays equal, it is going to be a challenge for them to hold on to the remaining funds until they get into the SPFL Premiership.
"They might have to look to raise additional funds before they get there. The existing funds will probably last until halfway through next season."
Patey was not surprised the Ibrox club announced a loss of £14m in the figures Rangers finally made public yesterday.
He said: "Everyone should have expected a fairly large operating loss and there has been a predictable reduction in IPO funds.
"I think you have got to look at where Rangers started.
"The oldco went into administration and then liquidation. The direction of travel is correct.
"It is highly unusual for a club of Rangers' size to be in this situation.
"They played in the old Third Division last season."