by Our Sports Desk

Rangers manager Ally McCoist has refused to discuss the club’s finances after plans for a new share issue were revealed.

The Light Blues announced to the London Stock Exchange yesterday morning that they hope to raise around £4 million.

The move has sparked fears that Rangers could be heading for administration again.

But, when asked about the share issue in his pre-match press conference ahead of today’s visit of Queen of the South, McCoist declined to comment, saying he wished to focus only on football matters.

The manager remains hopeful of signing new players ahead of the transfer deadline at the end of the month but concedes transfer activity may prove difficult.

He said: “I’m ready to be busy, I don’t know if I expect to be busy.

“In the current climate, I wouldn’t imagine there is a lot of money to spend on players and bring wages in.

“Without being told I have to get people out to get people in, I would imagine it would be pretty difficult to bring people in at the moment.”

The stock exchange was told the Ibrox club hopes the latest share issue will help “rebuild and re-establish Rangers as a stable, sustainable and successful business.”

It was also revealed that the club “expects to raise between £20m and £30m” over the next three years with the open offer an “important planned part of this fund raising strategy.”

Chief executive Graham Wallace admitted in his controversial business review released in April that the Ibrox club may turn to existing shareholders to help meet the shortfall in their revenue stream.

That came after it was revealed in the review that the club had “mismanaged” almost £70m in the 18 months since they were reformed following liquidation.

The club will offer 19,864,918 new ordinary shares at 20p each and the open offer is not underwritten.

If the aggregate level of subscription is less than 15 million, the open offer will not proceed.

Should this occur, yesterday’s statement suggested that “the company will be unable to pay its creditors as they fall due and the future of the company will be uncertain; the directors will immediately have to seek emergency financing which may or may not be available.”