RANGERS chief executive Martin Bain has confirmed there is no money available for manager Walter Smith to strengthen his squad before the Champions League kicks off next month.

Smith has not signed a player during the summer and many Gers fans would like to see him bring in a centre half.

However, speaking from Monaco, where he attended the Champions League draw, Bain stressed there is no cash for new players at the moment.

Asked if any players would arrive before the end of August, Bain said: "I don't think anything will happen before the end of August."

Meanwhile, Bain believes being promoted to Pot Two for the draw was a great achievement by the Scottish champions and he is delighted with the teams they will face in Group G.

He said: "Being in Pot Two is a great accolade for Rangers.

"There were a lot of clubs looking up at us who were quite envious.

"Sevilla have won the Uefa Cup twice in the last five years.

"Stuttgart have qualified for the Champions League three times and have drawn Rangers three times.

"Rangers beat them at Ibrox and lost in Germany on both occasions.

"Hopefully, we can do better than that this time."

Bain said he is looking forward to working alongside new Rangers chairman Alastair Johnston. He said: "David Murray made an outstanding contribution to our club.

"The fans enjoyed everything he brought them in terms of quality.

"But Alastair has been on the Rangers board for a number of years and is a renowned businessman with IMG and will bring a lot of qualities to the role."