The Rangers Football Club Ltd. reported an 11% increase in operating losses to £9.04M for the '15 year ending June 30, according to Scott McCulloch of the Scotland DAILY RECORD. The company, which notes its principal activities are "operating a professional football club in Scotland and its commercial activities," notes debts to its parent company Rangers Int'l Football Club Plc. also rose 16% to £18.1M ('14: £15.6M). Accounts now filed with Companies House show TRFCL "racked up pre-tax losses" of £6.85M in '15, down from a £7.76M pre-tax loss in '14. Turnover for the year "was down almost" 10% to £15.4M ('14: £17.1M) which was "again outstripped by operating expenses" totaling £24.4M ('14: £25.2M). Revenue "was down across gate receipts and hospitality, sponsorship and advertising, broadcasting rights and commercial, largely as a result of a fan boycott orchestrated to remove the previous board." TRFCL notes its first team costs totaled £6.2M in '15, down from £6.5M in '14, "though overall staff costs fell" 11% to £12.3M. At the June '15 year end, TRFCL "noted it would need" £2.5M in either debt or equity funding by the end of the '15-16 season "to meet its liabilities a they fall due" and stated "further funding" would be required during the '16-17 season, "the quantum of which is dependent on future football performance and promotion to the SPFL Premiership" (DAILY RECORD, 3/21).
