RANGERS’ £15.9M LOSS
Corona could cost club £10m Wage bill soars to near £30m
RANGERS have posted losses of almost £16million – as chairman Douglas Park predicted the coronavirus crisis will cost the club as much as £10m this season.
Accounts released last night show a loss of £15.9m to the year ending June 30, up from losses of £11.6m the previous year. Player costs have gone up by £6.7m, with the annual first team wage bill now at £29.7m.
But revenues increased by 11 per cent to £59m, with the run
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to the last 16 of the Europa League responsible for £20.7m of that turnover.
The report states the club will require £8.8m of further funding before the season ends to meet its obligations while a further £14.4m will be needed by the end of next season. But Park is adamant Gers will ride out the storm. The report reads: “The Board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the Group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its
liabilities in the normal course of business. The Board has considered the level and timing of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required.
“Having secured the offer of further loan funding, the Board of Directors believe that there is a reasonable expectation that the Group will at all times have adequate resources to continue in operational existence for the foreseeable future.”
Chairman Park said: “The financial year under review is unlike any other, I am confident in your Board and our employees to face these challenges.”