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Rangers report £14.4m losses

Rangers have confirmed they returned operating losses of £14.4m in their annual accounts.

Last Updated: 01/10/13 at 18:17 Post Comment

Rangers: Moving 'in the right direction' says chief executive Craig Math

Rangers: Moving 'in the right direction' says chief executive Craig Math

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But the club's chief executive Craig Mather insists this was expected and that Rangers are moving in the right direction on and off the pitch.

Rangers International Football Club plc announced revenue of £19.1m and staff costs of £17.9m.

The club, who raised £22m through a share issue in December, revealed they had £11.2m cash in the bank on June 30, £4.5m of which came from season-ticket sales.

Rangers also announced they would hold their annual general meeting on October 24.

Rangers have confirmed they have received a request for a notice with the resolution that Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson be appointed directors at the AGM.

However, the board claim the resolution is 'unlikely to be properly constituted under s338 of the Companies Act 2006'.

A statement read: "The board is concerned that the contents of the proposed resolutions may also be either ineffective or frivolous as any director appointment must comply with the company's articles of association and is subject to prior regulatory approval."

In a seperate statement on the club's website regarding the club's financial position, Mather said: "The club is in a very different place to where we were in May 2012.

"Then, the situation was traumatic and the future uncertain. Now, we enjoy financial stability and have a solid platform from where we can focus all our efforts on achieving success as one of football's great clubs.

"In the last year, key milestones have been passed successfully. The first team squad has strengthened considerably. The club enjoys a healthy bank balance.

"The cost base has been reduced significantly. Business performance is improving and, most importantly, the club continues to benefit enormously from the unwavering commitment of our fans. Without this support, the re-establishment of Rangers could not happen.

"As expected, we are reporting significant operating losses, although a retained profit. This is consistent with the club's five-year business plan. At no stage was it anticipated nor forecast that the business of the football club could return an operating profit in the first year since acquisition.

"The full recovery of Rangers will take time and I am delighted to report that the club is firmly on track to achieve this objective."

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S

terling needs to be told though that upon entering the Arsenal squad he will re-enact the final scene from Highlander where he will be thrown around a warehouse by cartoon dragons and then be a mere mortal that will only ever spend three to four weeks a season playing football and the rest on the physio's bed. There can be only one.....player available at The Emirates.

rodger's gusset
Arsenal interest in Sterling

T

he game changed in our favour when Carrick came on. We were able to play further up the pitch due to having a player who can give and go with the ball and keep possession. Yet barkley made some runs and Townsend scored a good goal but carrick's inclusion and chiellini's withdrawal made the biggest difference to the flow of the game

ricky villa
Hodgson: Barkley was brilliant

N

o, you've not silenced anyone Andros, i'm afraid. We know you can score a great goal, and it's really handy to have your direct running and willingness to shoot on the bench. But until you can do the other things expected of a winger (beat the man, put a decent cross in, stay wide etc) then you can't expect more than a regular cameo. Wonderful goal though, what a hit! No wonder Buffon wanted the shirt.

badwolf
Townsend: I've silenced critics

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