Rangers posts annual loss of £7.5m

RangersThe Chairman of the new incarnation of Glasgow-based football club Rangers has said the club is moving in the right direction despite announcing a loss of £7.5m for the year ending 30 June.

Dave King said the latest results do not reflect the changes implemented since the consortium he led assumed control in March.

“The year under way is already much more promising on all fronts,” he said.

“I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new board.”

The club reported a “significant increase” in season ticket sales as it pushes for promotion to the top tier of Scottish football.

With Rangers five points clear at the top of the Championship Mr King added that “there is once again a genuine belief that the club faces a much brighter future”.

Last week, the Ibrox outfit said they were postponing a share issue and listing on the ISDX market until criminal proceedings against former directors Craig Whyte, Charles Green, Imran Ahmed and others are concluded.

The club said it was “satisfied” there was no short term need for the funding the share issue would have generated.

Rangers’ operating expenses for the period under review were £26.8m, down from £27.7m, while turnover fell to £16.5m from £17.6m.

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