RANGERS will have to rely on emotional investment from supporters to continue the Ibrox rebuilding job rather than being able to count on City cash, according to football finance expert Ken Pattullo.

Supporters and shareholders will attend the RIFC plc AGM in Glasgow on Friday morning as chairman Dave King outlines his plans for the Light Blue future.

Gers chiefs are seeking approval to hold a fresh share issue to raise funds and the outcome of the vote on Resolution 11 could prove crucial on and off the park.

Read more: Derek Johnstone: There will be plenty of questions but Rangers fans may be frustrated in search for AGM answers

More than £10million has already been handed over by King, Douglas Park and a handful of well-off supporters as part of deals that will see their loans transferred into shares.

Pattullo, a Managing Partner at Begbies Traynor, oversaw a survey of the financial health of Scottish clubs last year and believes wealthy fans will once again have to stump up.

“It is right to highlight the lack of retail revenue coming in and there have been various reports, both recently and further back, about how little that actually is and there is the well-publicised legal situation with Mike Ashley,” he said.

Read more: Derek Johnstone: There will be plenty of questions but Rangers fans may be frustrated in search for AGM answers

“The more money that can be brought in the better. At the end of the day, the investors there don’t have a bottomless pit of money.

“They will be keen to see other Rangers fans, and anyone who perhaps sees it as an investment, put more money into Rangers.

“Realistically, it is probably in the main, if not entirely, going to come from Rangers fans.

“I don’t think many institutions out there will be looking at Rangers, at least not at the moment anyway, and thinking they are a worthwhile investment.

“I think the vast majority will come from people with leanings towards Rangers.

“The share issue allows more people to invest money into Rangers and that would be a welcome boost to have other people there as well as the current board and investors.”

The backing of chairman King and his fellow investors will be imperative if Rangers are to return to the top of Scottish football and clinch the Premiership crown.

While many shareholders, including fan group Club 1872, are poised to put more money into the Light Blues, Pattullo reckons not everyone will see the benefit of financing Rangers once again.

He said: “There are lots of foreign investors coming in and pouring money into English football but you don’t see anything like that in Scottish football.

“That is a reflection of how highly regarded the Premier League is, but also how Scottish football is the opposite by comparison. It is seen as a worthwhile investment, while Scottish football just isn’t.

“I think the position of Mike Ashley is interesting because he won’t want his shareholding and influence to be reduced.

“Having said that, the only way around that is to put more money in, which I don’t think is something he will want to do. His shareholding is probably going to be reduced.

“For the institutional shareholders, I think it is unlikely that they will want to pump more money into Rangers to maintain what their shareholding currently is.”

Read more: Derek Johnstone: There will be plenty of questions but Rangers fans may be frustrated in search for AGM answers

The Gers board have already spent considerable sums on Ibrox and Auchenhowie after winning the boardroom battle last year, while £5million was raised to pay off the loan to Ashley’s Sports Direct.

But supporters will now want to see funds directed towards the park as boss Warburton looks to close the gap to Old Firm rivals Celtic.

Pattullo said: “If you look at the balance sheet of Celtic, it is very healthy at the moment.

“They have had a long time without Rangers being there and competing with them. Rangers are now back but even the most hard core fan would say they are not near the level of Celtic at the moment.

“It will take a bit of time to get back to the level where Rangers fans think they ought to be and genuinely challenging Celtic at the top of Scottish football.”