RANGERS have turned a heavy loss into a healthy profit in the space of a year thanks mainly to the Champions League and player sales and wage cuts. Today's results show an amazing turn-around of more than £12million, from a loss of £9.98m last year to a profit of almost £2.45m. The interim financial results for the Ibrox club from July to December last year, show the club, who have overall debts of £68m. Turnover in the period also jumped to £33,764,000. an increase of more than £7.5million from last year. The 29% increase was boosted by Champions League revenue and massive income from merchandising. Rangers bought out Nike to go their own way with kit and leisurewear, and that has raked in millions and made them second only to Manchester United in UK retail. The £10m banked from the sales of Barry Ferguson, Lorenzo Amoruso and Neil McCann before the August transfer window closed was also included in today's figures. The wage bill was also cut with the release of high earners like Arthur Numan, Bert Konterman and Claudio Caniggia. Rangers Chairman John McLelland said: "This increase of 29% can be attributed to two main factors, the beneficial impact that Champions League Football has had on our ticket, commercial and sponsorship income, and the continuing strength of our retail operations. Our business plan includes an objective to grow revenues and obtain best value for money from our expenditure. "It is therefore also pleasing to report that we are reducing our operating expenses at a time when revenues have increased." "The positive results for this period provide encouraging evidence that our business plan is being effectively executed. "No-one at the club is complacent about the need to pursue the completion of our three year transition plan. "We are confident that with the continued support of our loyal fans we will emerge from this transitional phase a stronger club." However, these figures have come at a cost. The squad was weakened, and boss Alex McLeish was unable to spend money and build on last season's Treble success. As a result, Rangers are 13 points behind Celtic in the SPL title race, out of the CIS Cup and Europe and only have the Scottish Cup to salvage the season. So, while the figures today show massive improvement, supporters will be anxious to hear what funds will be made available to rebuild the squad over the summer. Rangers' season will be decided at Parkhead on March 7 against Celtic in the Scottish Cup quarter-final tie. And McLeish today revealed he should have a full squad for the crunch match. Gavin Rae and Peter Lovenkrands are scheduled to play in an Under-21 game against Dundee United next Monday night. And Zura Khizanishvili and Paolo Vanoli, who both missed last weekend's 3-0 win over Hibs with hamstring strains, are back in full training. McLeish said: "Gavin has virtually been doing a pre-season and he is pushing hard now. "Zura is also doing some hard work although I won't know until later in the week if he'll be available for Dundee United this Saturday." Makes for good reading for a change!
You can say that again! In all seriousness, am I the only one who doesn't see this as overly great news, Rangers supporter or not? Like the article states, most, if not all, of it can attributed to Champions League play and 10 million in transfers, neither of which will occur again any time soon. Take away those two and they're treading water, at best. Let's see how things look after another 6 months and then I might start worrying about Rangers being a threat again.
Good news for RFC, but they shouldn't make a habit.... ...of overextending themselves, look at Leeds United! It is great to see one of the most famous clubs in the world avoid serious financial problems. But they shouldn't always bank on future money to save their bangers and mash. Or with the SPL being a 2 horse race every season between Rangers and Celtic, they might have the perfect situation to gamble every year knowing that they will get into the CL...
Re: Re: Rangers make a profit again! The transfers would have helped but there is no way Rangers would have been paid all of the £10m. It does not work this way. The main things was lowering the wage bill, the champions league and merchandising.
Re: Good news for RFC, but they shouldn't make a habit.... I don't think they will again. We were never in the same postion as Leeds anyway.
Re: Re: Good news for RFC, but they shouldn't make a habit.... Oh I know that Gers were not NEARLY as close to financial death that Leeds Utd are...just don't want clubs to make a habit of gambling the very existance of the club!
Re: Re: Re: Good news for RFC, but they shouldn't make a habit.... Well i can't speak for other club but Rangers invested heavily in Murray Park (Between £10m and £15m) so i am sure they will be looking for results from it. Bringing players through has got to be the way forward for them. It will take time though. Making a profit again is an encouraging sign though!
I just quit Rangers Youth about a month or two ago. I trained at Murray Park and in my opinion it is a great investment. It has the facillities I have ever seen. Hopefully some youngsters will be brought through, and I think this is the time to try some younf players out to seeif the are up to the pro level as the league has gone. I would like to see MacLean who's on lone at Scunthorpe.
I would love to see MacLean as well! Is there anyone you think we should be looking out for in the future?
I don't really know, I was u14, I didn't see much of the older teams. A boy called C.Craig in the 15s or 16s, he was on Blue Heaven, I don't know if you got that on T.V in England.
Catfish: I'd imagine that many people underestimate both Old Firm sides' popularity the entire world over. And that, even indirectly, is the only time I will ever say anything nice about...you know...Another Glasgow Team.