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Murray sets 2022 target of returning Gers to Euro elite

By Gavin McCafferty

Rangers have set a target of 2022 to progress to the "very top" in an interim report which revealed they must pay Newcastle £500,000 if they are promoted this season.

The Scottish Championship club have reported losses of £2.6m for the final six months of 2014, although the accounts have not been officially audited.

The recently-appointed board face an ongoing struggle to avoid being de-listed from the London Stock Exchange as they are still searching for a nominated advisor, but they have promised a medium to long-term funding solution to the club's financial problems is imminent.

Interim chairman Paul Murray claimed they needed more time to sort out the club's finances and contractual obligations, with two examples standing out in the accounts.

Rangers will have to pay a bonus to Mike Ashley's Newcastle if they are promoted this season as part of the deal that saw five players move to Ibrox on loan.

Only one of the players, Haris Vuckic, has been fit enough to play regularly.

The report also revealed that £54,000 was paid during the period to public relations firm Keith Bishop Associates, "a company of which the former director Derek Llambias was also a director".

Llambias and fellow Ashley associate Barry Leach were voted off the board in March.

Murray said his regime would present a medium to long-term funding plan in the "very near future" after plugging gaps short term by borrowing £1.5m from the so-called Three Bears - shareholders George Letham, George Taylor and Douglas Park.

"The vision is to focus on the next seven years so that by 2022, the club's 150th anniversary, we will be back at the very top," he said. "This means the finance we are putting in place now will provide the infrastructure and personnel to make sure Rangers are winning in Scotland's top flight and stepping back into the European arenas again."

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