RANGERS today announced losses of almost £1.5million.

Unaudited interim results for the club for the six months to December 31, revealed by chairman David Murray, showed the club lost £1.475m.

That was a £7.6million turnaround in fortunes because the club made a near £6.2m profit for the same period in 2005.

Mr Murray blamed the turnaround on the fact Rangers did not qualify for this season's European Champions league.

Rangers went into the red despite: •Royalty payments from the JJB retail chain for selling club merchandise under licence.

•Selling more season tickets.

•Attracting more lucrative sponsorship deals.

•A growth in hospitality income.

Mr Murray also admitted £3.9m in profit during the last half of 2005 had been generated by a network of club shops that have since been axed as part of the JJB deal.

The Rangers owner, however, believes the appointment of Walter Smith as manager in place of Paul Le Guen will help change the club's fortunes.

He said: "The combined change in management team and introduction of new players brings renewed confidence."

Mr Murray, however, was critical of the Government's decision not to select Glasgow as the site for a super casino.

The club had teamed up with Las Vegas Sands - one of the world's top casino operators - for a gambling house at Ibrox.

He said: "A regional casino would have acted as a catalyst for the regeneration of the Govan area and provided additional employment and economic benefit to not only Glasgow but to the Scottish economy as a whole." How Ibrox has hit the debt trail before. . .

DEBTS at Rangers spiralled to £75million under ex-manager Dick Advocaat.

It was only when Sir David Murray returned as chairman in September 2004 and unveiled a £57m rescue package that the club's finances were brought under control.

Murray personally underwrote £50m of the share issue.

Advocaat's forays into the transfer market almost plunged the club into crisis.

Norwegian striker Tore Andre Flo - unable to hold down a first-team place with Chelsea - was bought for £12m and collected £2.6m in wages.

Ukrainian Andre Kanchelskis cost £5.5m from Fiorentina - and he picked up £5.2m in wages.