The extent of Rangers' financial problems have been revealed after it was confirmed that their debt increased by almost £10million for the 12 months to June 30 2009.
The Gers reported a loss for the year of £12.7million, against a £7.2million profit for the previous 12 months, despite enjoying a successful domestic campaign.
However, defeat to FBK Kaunas in the qualifying stages of the Champions League put a serious dent in the Ibrox's club's accounts.
Chief executive Martin Bain said in a statement released to the stock exchange: "The early elimination from European competition together with the reduced number of games resulted in turnover decreasing to £39.7million from the record high of £64.5million achieved in 2007-08.
"In total 49 games were played in all competitions in 2008-09 as against 68 in the prior year.
"This had a detrimental impact on ticketing and hospitality income, while the commercial area of the business suffered due to the lack of income from UEFA for European participation."