500k operating loss

RANGERS have posted an operating loss of £500,000 for the six months to December last year as chairman Dave King forecasts a brighter financial future at Ibrox.

Unaudited results for Rangers International Football Club plc were released today and show revenue for the final six months of last year rose by £1.9million to £11.0million, mainly due to increased ticketing and hospitality revenues.

The £500,000 loss is down from a £4.6million deficit from this time last year as operating expenses excluding amortisation of players’ registrations decreased by £2.2m.

Rangers have taken in a total of £9.25million in loans from investors to December 31 last year, while the statement confirms that ‘additional funds have been committed to cover the balance of the financial year to June 2016’.

Sunday marked the first anniversary since King, Paul Murray and John Gilligan overthrew the former Gers board after a lengthy battle for control at Ibrox and the Gers chairman has provided an update to supporters pleased with the progress on and off the park.

King said: “The Club continues to require funding to meet its ongoing cash shortfall.

“This has largely been provided by me and the 3 Bears, however we have recently spread the investor base by securing a portion of the required investment from a group of Hong Kong based supporters. I will continue to look for like-minded investors who can share the financial burden.

“The recent history of Rangers has shown that it is better to have more investors than few. Hopefully, in time, we will see the broad-based supporters group having an increased stake in the Club.

“I am also pleased to report that Rangers now has no third-party debt whatsoever. There are not many Clubs in the world that are in that enviable position.

“Thank you again for your support. We are now approaching the business end of the season and we look forward to completing the journey back to the top together."