Rangers Announce Operating Loss of £14.4m
October 1, 2013
Scottish League One leaders Rangers have announced £14.4m ($23.3m) worth of operating losses in their latest annual accounts.
Despite the news, chief executive Chris Mather said the figure was expected and that the club was “firmly on track” to recovering after a tough period which saw the old company liquidated.
Revenues of £19.1m ($30.9m) and staff costs of £17.9m ($29m) were announced by Rangers International Football Club plc.
The club also revealed there was £11.2m ($18.1m) in their bank account on June 30, with £4.5m ($7.2m) of this coming from season-ticket sales.
In a statement on the club’s website 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.”