Rangers today reported an underlying loss of £7m sterling in the seven months to December as the soccer club's new owners rebuild from the bottom tier of the Scottish game.

"The company is expected to report an operating loss at year end in accordance with the business plan and broader growth strategy," it said in a statement.

The previous parent company of Rangers, 54 times Scottish champoions, went into liquidation last year and the team is now playing in the fourth tier of Scottish football.

Rangers said it had a pre-tax profit of £9.5m but noted that this was driven by a one-off accounting credit of £20.5m.