Scottish Championship side Rangers announced its "interim financial results," revealing losses of £2.6M and that the club will be "forced to pay" EPL side Newcastle United £500,000 ($741,300) if it wins promotion to the Scottish Premiership, according to Gregor Kyle of the Scotland DAILY RECORD. The payment is tied in "as part of the deal that saw five players move to Ibrox on loan deals during the January transfer window." While the results cover the six months leading up to Dec. 31, before the Dave King consortium's takeover, fans have been "stunned to discover this latest deal" with shareholder Mike Ashley's Newcastle -- with the money to be paid if the club "wins promotion directly or via the play-offs." The results reveal that operating expenses, excluding amortization of player registrations, decreased by £0.9M compared to £15.7M for the same period in '13. The club's retail revenue was down by £500,000 to £4.3M and staff costs were also down to £7.1M for the period. The report reveals that some £400,000 was paid in "severance packages to former employees" (DAILY RECORD, 3/31). The PA reported "the report also revealed" that £54,000 was paid during the period to public relations firm Keith Bishop Associates, "a company of which the former director Derek Llambias was also a director." Llambias and fellow Ashley associate Barry Leach were voted off the board earlier in March but Ashley could "yet install two people on to the board" as part of the deal that saw Sports Direct lend the club a total of £5M (PA, 3/31).
