By Dr Dan Plumley

30th Nov, 2021 | 8:16am

Dr Dan: Rangers have landed £3.5m windfall and there's 'more to come' at Ibrox

The recent £3.5million round of investment is further evidence that Rangers are still reliant on funding from their shareholders.

So says finance expert and new Football Insider columnist Doctor Dan Plumley, speaking exclusively about the recent share issue at Ibrox.

Paperwork filed with Companies House on 26 November confirmed the Scottish champions have allotted 14million shares at 25 pence each.

Rangers posted a loss of £23.5m when they released their annual financial report earlier this month and have reiterated their need for external funds.

Plumley explains that issuing shares is an efficient way to generate cash for the club while they move towards a more sustainable model.

“It does show that they are still quite reliant on external support,” the Sheffield Hallam University expert told Football Insider correspondent Adam Williams.

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“The club said in its accounts that they were relying on shareholders to generate short-term funds.

They have done it in the past and I suspect there is more to come in that regard.

“If you look at the money being injected, it’s not earth-shattering. But that £3.5m can go a long way in the short term.

“We’re looking at a situation whereby they would like to move towards a sustainable model.

“They aren’t quite there yet and a share offering is one way to generate that cash.

Rangers stated in their annual results that they expect to need £7.5m in external investment over the course of the season.

Giovanni van Bronckhorst’s side are top of the Scottish Premiership and in a strong position going into their final Europa League group stage game.

In other news, expert claims Rangers have underrated “world leader” behind the scenes with “astonishing” CV.