Gers ‘moving forward’ despite £14.3m losses

Rangers chairman Dave King insists the club have had a “positive” year despite announcing increased losses of £14.3 million for the year up to June 30.

The figures – revealed in the Rangers International Football Club plc annual accounts – are double those reported 12 months ago, but King says the club are moving in the right direction.

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. However, operating expenses also rose from £31.3m to £38.9m.

The figures were posted on the Rangers website at 7.30pm, just 15 minutes before Steven Gerrard’s side kicked off a league match against Kilmarnock.

The club recently held a share issue which enabled King and a number of investors who had loaned the club around £16m to convert much of the debt into shares.

And the chairman says work is continuing to put the club back on a level footing.

His statement said: “On balance, the year to June 30, 2018 was a positive one despite the need for further change to ensure the progression that this club requires both on and off the pitch.

“Figures can be reviewed in various ways but the underlying and strong message is that Rangers, as a football club and business, continues to move forward.”