RANGERS fans have launched their own shirt to protest at the under-fire Light Blues hierarchy and raise funds to purchase shares in the club.

With tensions between the Ibrox boardroom and terraces at an all-time high and only a few thousand punters believed to have renewed their season tickets so far, many supporters are likely to boycott official Rangers merchandise this summer, including the new strips that Ally McCoist's side will wear in the Championship next term.

Red and black scarves were sold during the Gers' financial problems two years ago and a group of fans have now taken the idea one step further and launched a red and black shirt.

More than 500 have been snapped up in the first few days of sales, with around £8 of the £32 pricetag given to the Rangers Supporters Trust, which already has 557,000 shares in the League One champions, to increase their stake.

Shares in Rangers International Football Club plc closed yesterday at a price of just 28.75p after a steady fall in recent months as fears have grown about the financial picture at Ibrox, while former director Dave King has previously intimated that he could plough up to £50million into the club via a new rights issue.

Trust chairman Gordon Dinnie said "We are delighted that the Red and Black Shirt organisers have entrusted us to buy shares on behalf of the fans. We will do so either on the open market or in support of a share issue."