RANGERS will have to sell players to balance the books after their disappointing Champions League exit, Michael Stewart has claimed.

The pundit reckons stars could be sold before the window closes at the end of August following the 2-1 loss to ten-man Malmo last night.

It's estimated Rangers have missed out on as much as £30million as a result of crashing out of the comeptition before the group stage.

READ MORE: Rangers hero Ally McCoist makes defensive claim as he reacts to Malmo defeat

Now Stewart, who branded the result as "hugely damaging", has claimed players will need to leave.

"Champions League money isn’t coming into Ibrox and surely that’ll mean they need to sell players to try and balance this years accounts", he wrote on Twitter.

"Which will obviously have an impact on the team on the pitch."

The BBC and Premier Sports pundit also insisted the Rangers team of last season would not have lost to Malmo as he labelled the Champions League exit as concerning.

"Hugely damaging and disappointing result for Rangers tonight", Stewart wrote.

"Malmö throughly deserved to go into the next round though.

"Rangers of last season would not have been beaten twice by Malmö. Concerning for Gerrard."