RANGERS financial director Brian Stockbridge was today urged to honour a promise he made to fans over six weeks ago.

Stockbridge said at a meeting early last month he would give concerned supporters a detailed breakdown of where all the money from last year's IPO had gone to.

Around £22million was raised from a successful share offering in December last year, but fans want to know why the expenses incurred by that totalled roughly 25% of the funds raised - a figure they believe is disproportionately high.

The three main Rangers supporters groups, the Assembly, the Association and the Trust, asked club directors on October 10 where the money went.

Stockbridge, who attended the meeting with former chief executive Craig Mather, said he would try to put together "a more informative analysis of historic costs" for them.

But over a month has passed since then and nothing has been forthcoming. And yesterday it emerged that a former employee has reported payments made by the club around the time of the IPO to the Serious Fraud Office.

Fans protest group Sons of Struth has campaigned since their formation earlier in the season for greater financial transparency.

And SoS spokesman Craig Houston has challenged Stockbridge to prove wrong damning accusations made by the Jim McColl-led group - who are looking to seize control of the club - by providing the detailed information on the IPO costs ahead of the Rangers AGM on December 19.

He said: "The last time representatives of the board met with the three main fans groups they said they would show where the IPO money went. They still haven't done that.

"After the statement from the Jim McColl group this week, I would urge them to make good on the promises they made to the supporters and divulge exactly where the £6m in IPO costs went."

McColl and his colleagues, who include nominees Scott Murdoch, Malcolm Murray, Paul Murray and Alex Wilson, have repeatedly questioned the costs that were incurred during the IPO.

The wealthy businessman said last month: "A lot of money was raised in the IPO, £22m. The expenses against that were 25%. But (my companies) have done two IPOs and 5% is a more reasonable figure. It was appalling what was going on.

"It has become obvious that there is a lot of money that has been flowing out of the club."

Houston also urged the new directors - chairman David Somers, chief executive Graham Wallace and non-executive director Norman Crighton - to investigate the issue further.

McColl and his group are expected to attend a meeting of Rangers supporters at the Hilton Grosvenor tonight.