RANGERS recorded a loss of £6.7million for the year end to June 30, 2017, as turnover and operating expenses both increased during the same period.

Accounts for Rangers International Football Club plc were released on Friday evening and show that losses for the 12 months more than doubled from £3.3million last year.

But that figure includes a £3million payment to Sports Direct as part of the agreement that saw the Ibrox board renegotiate the retail contracts in favour of the Light Blues.

Rangers announced in June that they had finalised terms on a new one-year deal with the Mike Ashley owned firm as the long-running dispute between the billionaire businessman and chairman Dave King came to an end.

And the one-off fee that was handed over to Sports Direct makes up almost half of the losses that were incurred as Rangers look to benefit from increased merchandise income going forward.

Other key figures include a rise in turnover from £22.2million to £29.2million from the previous accounting period, while operating expenses are up from £24.9million to £32.9million.

Rangers saw an increase in both their season ticket sales, up to 43,253, and home attendances as average Ibrox gates in the SPFL rose to 48,893.

Chairman Dave King and The Three Bears have provided interest free loans to RIFC plc and a seven-figure fee is a paper charge rather than a cash transaction as a result of new accountancy practices.

It is forecast that an additional £4million worth of funding will be required by the end of the 2017/18 campaign, with the first tranche needed this month.

A further £3.2million is then forecast to be required next season, dependent on how Rangers fare on the field and the accounts state: “The Board have discussed the Club’s forecast cash shortfall and have reached an agreement with New Oasis Asset Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.

“Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to July 2019.”

The Annual General Meeting for RIFC plc will be held on Thursday, November 30 at the Clyde Auditorium.

King said: “The Board and the executive again have had to work extremely hard over the last year to deal with a wide range of issues and we will continue to do so in what remains a very challenging operating environment.

“During the year under review I am pleased to say the Board secured an extremely favourable outcome to the long-running litigation with Sports Direct and the Club will benefit enormously from that outcome.

“Rangers supporters are aware of the difficulties that have been overcome and of the challenges in front of us but their loyalty, which has been a true constant, means we cannot fall short of or fail to reach our shared objectives. Rangers must regain a dominant position at home and compete meaningfully again in Europe but neither goal will be reached without the backing of our supporters. All our work and diligence is for them.”