Next Game

Dumbarton v Rangers

Saturday, 01 November 2014, 15:00

Scottish Cup Third Round

Ibrox Stadium

Last Game

Rangers 1 - 0 St J'stone

Tuesday, 28 October 2014, 19:15

Scot League Cup Quarter Final

Rangers post £7million loss

Rangers have posted a loss of £7million for the final seven months of 2012.

Last Updated: 04/03/13 at 12:05 Post Comment

Rangers had £21.2m in the bank at the turn of the year

Rangers had £21.2m in the bank at the turn of the year

Interim results to 31 December show revenue of £9.5m, with operating expenses of £16.6m, while cash in the bank at the turn of the year sat at £21.2m.

In December, Rangers raised £22.2m from its listing on the London Stock Exchange.

Ibrox chief executive Charles Green said: "This has been a significant period in the club's history, in which vital steps were taken to ensure the survival and rebuilding of one of the UK's most venerable football institutions.

"The priority for the company to date has been to stabilise the business and put in place solid financial foundations for the future.

"To this end, revenue streams have been enhanced, and costs cut.

"In addition, important strategic steps have been taken, such as the agreements now in place with Sports Direct, Puma and Blackthorn Cider.

"These achievements have been made whilst retaining the important fabric and structure of the club.

"We will continue to execute our growth plan, and investors and supporters can have confidence in the development of operations as the club progresses."

Green's consortium purchased the business and assets of Rangers last summer after the oldco was consigned to liquidation.

A further drop in overall operational costs is expected as part of further cost-saving initiatives.

Rangers expect to report an operating loss at year end in accordance with the business plan and broader growth strategy.

Chairman Malcolm Murray reflected on "a period of extraordinary progress for the club."

He added in a statement: "These interim results cover the seven-month period to 31 December, 2012 and reflect the fact that the club is successfully rebuilding one of the UK's most renowned football institutions.

"In my 30 years' investment experience, I have never seen a business move from the liquidation of one company to another's successful flotation in such a short space of time.

"This could only have been achieved by the outstanding efforts of management, staff, advisers and fans. This unity and sense of purpose has, rightly, been admired internationally.

"The company's performance to date will give further encouragement to all

Rangers supporters who are unswerving in their commitment to ensure the club enjoys a successful future."

Related News

Most Commented

Readers' Comments

H

e might be on a hiding to nothing, but I cannae feel any sympathy- You want to know why? Shakira. That's why.

hairpolice
Pique Taking Blame Burden Again...

A

nd this season must feel like one long sigh at the Emirates . Yep, exactly that. Except for Alexis Sanchez, he's ace.

cheshire-gooner
Is Mario Balotelli's Talent Even That 'Obvious'?

H

ey! At least put our first clean sheet in a gazillion years in the winners section. Curse you F365 *shakes fist*

fouloleron
Is Mario Balotelli's Talent Even That 'Obvious'?

Footer 365

Real Madrid and Spain legend Raul joins New York Cosmos

Real Madrid legend Raul has agreed a deal with North American Soccer League side New York Cosmos.

Transfer News: Hull's Tom Ince joins Nottingham Forest on loan until December 28

Nottingham Forest have signed Tom Ince on loan from Hull City on a deal until December 28.

Blackpool confirm appointment of Lee Clark as manager on rolling contract

Lee Clark has been confirmed as the new manager of Championship club Blackpool on a one-year rolling contract.

Mail Box

'Pride' Didn't Stop Wenger Signing Flamini

Arsene Wenger's 'pride' in signings is quite rightly pulled apart. We also have a stupidly long email on going back, and one Mailboxer whooping about the FA Cup first round...

Wenger Kept His Pride By Turning Down Cesc

What message would it have sent if Wenger had allowed those that walked out to stroll back in? Plus, why Pochettino needs to adapt and the folly of limiting yourself...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property