Rangers Director Insists Club is Financially Sound Despite £14.4m Operating Loss

October 3, 2013

Rangers director Brian Stockbridge has moved to ease fears that the club could be heading for administration and insisted the Glasgow club is financially secure.

The Scottish League One club revealed £14.4m ($23.2m) operating losses for a 13-month period but Stockbridge insisted there was no need to raise extra cash.

He told the club’s website: “It’s not possible that the club is going to go into administration. The club is financially secure.

“We have got cash in the bank, we have no debt, we have got a clean audit report.

“As we go forward, of course there will be investment required to move the club forward as we go through the divisions and up.

“But we are not in financial distress, we don’t need to raise cash at the moment.”

He also predicted better financial results following cuts.