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Rangers declares £7m loss 4 March 2013

Rangers Football Club plc has reported an operating loss of £7 million for the seven month period to 31 December 2012.

The Scottish club which is currently top of the fourth tier of Scottish Football was ejected from the Scottish Premier League (SPL) in the summer after the old company running the club collapsed.

The new company – which floated on the AIM market in 2012 – today said it was making ‘extraordinary progress’, declaring season ticket sales in excess of 38,000 and a new shirt sponsor – Blackthorn Cider – for the season 2013/2014.

Charles Green, chief executive officer of Rangers, 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.”

Green added that there are still significant challenges ahead, however.

He said: “Above all, the Club and its supporters are resolute in the belief that, both on and off the pitch, Rangers can look to the future with confidence and pride.”

Puma has been confirmed as the team’s new kit manufacturer and the club has signed a distribution agreement with Sports Direct for the sale of its replica kit.

 

 

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