Should Rangers win promotion to the Premiership this season they will have to pay Newcastle United £500,000 as part of the loan deal struck with the St James ' Park club for five players . The details emerged this morning as Rangers released financial results which showed the club had made losses after tax of £2.89m for the six-month period to 31 December 2014 . Interim chairman Paul Murray described the accounts as 'disappointing ' . Haris Vuckic celebrates after scoring in Rangers ' 4-1 victory against Cowdenbeath on Saturday . This arrangement with Newcastle was part of a deal struck by the previous board for five fringe players - Gael Bigirimana , Haris Vuckic , Kevin Mbabu , Remie Streete and Shane Ferguson . Only Vuckic has made any sort of impact for the Ibrox club so far . Indeed three of the five players who signed the loan agreements have yet to kick a ball for Rangers , who are currently second in the Championship and can only now be promoted through the play-offs . The prize money for finishing as runners-up in the second tier is £342,000 . Despite promotion to the Championship , revenue fell £100,000 to £13.1m , though the club earned £1.3m from hosting the Commonwealth Games rugby sevens . Sponsorship revenue also dropped , falling by £0.3m to £0.4m . Loan signings Vuckic ( centre ) , Gael Bigirimana ( left ) and Remie Streete are unveiled at Murray Park last month . Murray , who along with Dave King and John Gilligan , ousted the previous board , said : 'The new directors have been in place only a matter of weeks but have already started to repair the damage caused through recent years of neglect and disrespect for this club , its people and its history . 'The mismanagement of the club in recent years has been simply staggering . 'As the Interim Accounts prove , the new board has inherited major problems but while campaigning for change we all knew the club would be in need of major restructuring and repair on all fronts . Paul Murray ( left ) and Dave King are pictured back at Ibrox after the EGM earlier this month . 'We can and we will return this club to a strong and profitable footing through strategic planning , investment and re-engagement with all of our stakeholders . 'Too many of them have been lost or disenfranchised because of successive failings by a series of directors over the last four years in particular . But they are gone now and this is a new era for this great and special club which must be regenerated , not only for its own good but for the greater good of Scottish football . '
Rangers will owe Newcastle United £500,000 if they win promotion . It is part of the loan deal struck with the St James ' Park club for five players . The Ibrox club made losses after tax of £100,000m for the second half of 2014 .