Rangers in £3m loss on return to Premier League

RANGERS made a loss of £3.3 million as they secured a return to the Premier League, the club’s annual report has revealed.

However, losses have halved in the past year following a takeover by club chairman Dave King’s board and the launch of rebuilding plans.

Turnover increased to £22.2m for the year ending June 2016, a rise of almost £6m on the previous 12 months.

Other figures in the report show Rangers’ wage bill for the current campaign is up by 60 per cent at £10.3m.

Turnover was up on the back of increased average attendances from 34,000 to 44,000 last season, while season ticket income rose by £3.2m thanks to sales of more than 42,000.

Hospitality sales rose by almost £1m and match ticket sales by £500,000, with the club receiving £1.1mfrom its run to the Scottish Cup final and success in the Petrofac Cup.

Mr King said: “The board and the executive have had to work extremely hard over the last year to deal with all of the issues the club has faced.

“This effort must be repeated in the coming year as we continue to achieve our goals while strictly adhering to the strategies and disciplines that are necessary in what remains an extremely challenging operating environment.”

He added: “During the year under review the board secured the much-needed capital to fund the football operating deficit that was necessary to ensure promotion and to repay the Sports Direct loan of £5m.

“Our supporters understand the difficulties that have been overcome and the challenges that still lie ahead and their unwavering loyalty has been the one constant through these years of change.”