Rangers are determined to exhaust every possible avenue in a bid to avoid paying Newcastle United £500,000 for the five loan players sent north under the instructions of Derek Llambias. The small print of the deal emerged on Monday as the club posted half-yearly losses of £2.89million. The accounts also revealed the new board are still searching for a nominated advisor (NOMAD) to avoid being de-listed on the Stock Exchange - and that the club's auditors Deloitte quit in June in a move that was not revealed by the previous regime. Gael Bigirimana (left), Haris Vuckic (middle) and Remie Streete (right) pose after their loan moves to Rangers . Interim chairman Paul Murray described that as a sign of the 'staggering mismanagement' that had gone on at Ibrox. But fans have been left aghast at the stunning revelation that should Rangers win promotion through the play-offs this season they will have to fork out £500,000 to Newcastle . Of the loanees, only Haris Vuckic has seen regular first-team action while Remie Streete was injured in his only top-team appearance. Shane Ferguson, Gael Bigirimana and Kevin Mbabu are unlikely to ever appear as they battle back from either illness or injury. 'It's another kick in the teeth for Rangers fans,' said Craig Houston, of the campaigning Rangers supporters group Sons of Struth. 20-year-old defender Streete suffered an injury in his one and only first-team appearance for Rangers . 'I think it's right for the board to pursue this. I have faith in the guys running Rangers now and this is not the only deal they will be trying to unfold and unravel. 'But it's a bit of a cheek. Derek Llambias sold the idea as these five costing Rangers no money. But we've since found out there's £1,000 to be paid each per week, and it's my belief the club is paying for rental property, too. Now we find out about this lump sum if we are promoted. 'The night the transfers went through, we saw the players leaving Newcastle but nobody saw them arrive at Murray Park prior to signing. 'We've been questioning for a while the ridiculous decision to not give them medicals. Had they done that, it would show two were injured and would probably never pull on a blue jersey and a third was ill and couldn't play football.' The controversial deal was struck by the club's previous board led by chief executive Llambias – a cohort of Newcastle owner Mike Ashley. Sportsmail understands however that the new board are now set to approach the Scottish FA and their English counterpart as they seek advice on whether there are grounds for quashing the £500,000 payment clause. The bombshell that Rangers – who would earn just £342,000 for finishing second in the league – would have to shell out the cash to Newcastle if they are promoted emerged as the Ibrox club released 'disappointing' financial results. Interim chairman Murray railed against the previous regime after announcing the near £3m loss for the six months to December last year. Vuckic is the only one of the five Newcastle loanees to have held down a regular starting spot at Irbox . The 22-year-old Slovenian midfielder has scored four goals in just eight league games for Rangers . Despite promotion to the Championship, Rangers' 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. Rangers have until Saturday to appoint a new nominated advisor (NOMAD) or face being de-listed from the stock market although it's believed an extension will be sought to that deadline. Murray, who along with Dave King and John Gilligan ousted the previous board led by Llambias, said he was confident Rangers can overcome their difficulties. He 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. '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.' Defensive midfielder Bigirimana has been ruled out of action for Rangers with a mystery illness .
Rangers will try to avoid paying out the £500,000 fee for the five players loaned from Newcastle United earlier this year . The small print of the deal emerged on Monday as Rangers posted six-month losses of £2.89 million . Of the loanees, only Haris Vuckic has seen regular first-team action while Remie Streete was injured in his only senior appearance . Shane Ferguson, Gael Bigirimana and Kevin Mbabu are unlikely to ever appear as they battle back from either illness or injury .