Scottish Club Rangers Announce $10M Loss, But Claim 'Extraordinary Progress' Made
Scottish Third Division club Rangers have reported an operating loss of £7M ($10.5M) although they said "extraordinary progress" has been made, according to the BBC. Figures for the last seven months of '12 reveal a pre-tax profit of £9.5M ($14.3M), "although that was down to a one-off accounting credit" of £20.5M ($30.9M). The club said that season ticket sales and average home league attendances "were among the highest" in the U.K. CEO Charles Green said he was in "awe" of the contribution supporters had made to the club. Green: "This has been a significant period in the club's history, in which vital steps were taken to ensure the survival and rebuilding of one of the U.K.'s most venerable football institutions." This is Rangers' first set of results since floating on the stock exchange at the end of last year (BBC, 3/4). The Scotland DAILY RECORD reported a further drop in overall operational costs is "expected as part of further cost-saving initiatives." The club expects to report an operating loss at year end "in accordance with the business plan and broader growth strategy." Chair Malcolm Murray reflected on "a period of extraordinary progress for the club." Murray: "These interim results cover the seven-month period to Dec. 31, 2012, and reflect the fact that the club is successfully rebuilding one of the U.K.'s most renowned football institutions. In my 30 years' investment experience, I have never seen a business move from the liquidation of one company to another's successful flotation in such a short space of time" (DAILY RECORD, 3/4).