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From Back Page extraordinary step of announcing the figures for the year up to June 30 just 15 minutes before kick-off for last night’s game with Kilmarnock which ended in a 1-1 draw.
Despite the attempt to downplay the shock news while a packed Ibrox roared on the team, King insisted Rangers had enjoyed a “positive” year.
The figures reveal the club’s financial struggles are far from over. Turnover was up slightly to £32.6m but losses for the period had risen from £6.7m the previous year to a mark of £14.3m.
Steven Gerrard has invested heavily since starting work on June 1 bringing with him a full backroom staff and making 15 signings.
Much of the loss can be attributed to Pedro Caixinha’s failed transfer dealings, his pay-off and upgrading Ibrox.
Last season’s qualifyinground Europa League exit to Progres Niederkorn is a factor while wages for the first-team squad increased from £10m in 2017 to £15m.
In a statement King said “figures can be reviewed in various ways” and insisted the Ibrox club have had a “positive” year.
He added: “The underlying and strong message is that Rangers, as a football club and business, continues to move forward.
“It will always be a challenge to meet the demands and expectations of a wonderful support and that is why we continue to invest massively in our infrastructure, team and staff.
“It was inevitable, given our dire starting position that vast amounts of money would have to be spent on rebuilding our facilities and the various departments within them. These costs are reflected in the figures but it is important to highlight that the last financial year saw us normalise our financial affairs to the extent we no longer face questions about our financial strength when dealing with suppliers, other clubs and financial institutions.
“This is an extremely positive change over such a short period and I cannot thank my fellow directors and other investors enough for their continued support which helps drive our club forward.”
Turnover was up by £3.4m to £32.6m while earnings before interest tax and depreciation rose to £4.2m from just £100,000 over the same period in 2016/17. But operating expenses also rose from £31.3m to £38.9m.
The report stated in its “Going Concern” section: “The forecast identified that the Group would require a minimum of £4.6m by way of debt or equity funding by the end of season 2018/2019 in order to meet its liabilities as they fall due.
“The first tranche of funding is required from investors in January 2019. Further funding amounting to £3.0m is forecast to be required during the 2019/20 season.
“However, the final amount required is dependent on future football performance.
“Such amounts are in addition to the funds raised by the share issue in September 2018.
Meanwhile, Gers have confirmed their AGM will be held in the Clyde Auditorium on Tuesday, November 27, at 10am.