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Rangers report operating loss of £14m Rangers report operating loss of £14m
(about 2 hours later)
Rangers have reported operating losses of £14m in the 13 months to June.Rangers have reported operating losses of £14m in the 13 months to June.
This covers the period their assets were bought out of administration. The figures cover the period when the club's assets were bought out of administration.
The Ibrox club posted turnover of £19.1m, most of which came from gate receipts and hospitality income. The player wage bill had fallen, but so had sponsorship and media earnings. Rangers posted turnover of £19.1m, most of which came from gate receipts and hospitality income. The player wage bill fell over the period, but so did sponsorship and media earnings.
The club also announced that former chief executive Charles Green has ceased to have a significant shareholding in the club. The football club claimed the results were in line with its five-year strategic plan.
Rangers also announced that former chief executive Charles Green had ceased to have a significant shareholding in the club.
At the end of June, Rangers had £11m in cash, and no bank debt. That was after raising more than £35m in finance, including a share offer.At the end of June, Rangers had £11m in cash, and no bank debt. That was after raising more than £35m in finance, including a share offer.
The assets of Rangers Football Club PLC were acquired by Sevco Scotland Ltd last summer as the company formally entered liquidation proceedings.
'Key milestones'
In a statement on the club's website, chief executive Craig Mather said "substantial progress" had been made in rebuilding Rangers.
He said: "The club is in a very different place to where we were in May 2012.
"Then, the situation was traumatic and the future uncertain. Now, we enjoy financial stability and have a solid platform from where we can focus all our efforts on achieving success as one of football's great clubs."
Mr Mather said "key milestones" had been passed successfully in the last year, including reducing the club's cost base and improving business performance.
He added: "As expected, we are reporting significant operating losses, although a retained profit.
"This is consistent with the club's five-year business plan.
"At no stage was it anticipated nor forecast that the business of the football club could return an operating profit in the first year since acquisition.
"The full recovery of Rangers will take time and I am delighted to report that the club is firmly on track to achieve this objective."