Rangers cut losses as the crowds and turnover rise
RANGERS last night revealed they lost £3.3m last season – almost half the headline figure of losses from the season before. Turnover was up to £22.2m during a season which saw the club claim the Ladbrokes Championship title, win the Petrofac Training Cup and reach the Scottish Cup final. This contrasted with £16.3m for the 2014-15 season, when they lost out in the play-offs to Motherwell.
While the club’s average attendance was up approximately 10,000 and their number of ticket holders up some 11,000, the figures only illustrated the amount of work which still must be done to catch up on city rivals Celtic. Their most recent figures for the year to June 2016 saw them announce a turnover of £52m, and a small operating profit of £450,000, for a period which does not include the arrival of Brendan Rodgers and the Parkhead club qualifying for the Champions League.
The period in question for Rangers does not include wages for high-profile signings such as Joey Barton, Niko Kranjcar and Joe Garner but did include the board securing the funds to pay off a £5m loan to Sports Direct.
“The board and the executive have had to work extremely hard over the last year to deal with all of the issues that the club has faced,” said chairman Dave King. “This effort must be repeated in the coming year as we continue to achieve our goals in what remains an extremely challenging environment.
“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,” he added. “This support and backing is vital if Rangers is to regain a position of domestic dominance and re-enter the European arena. No matter what we do in the boardroom or on the football pitch, nothing will be achieved without our supporters whose high expectations must always be taken into account.”