Scottish Premiership Side Rangers Posts £6.7M Loss In Year Ending June 30
Scottish Premiership side Rangers recorded a loss of £6.7M for the year through June 30, "as turnover and operating expenses both increased during the same period," according to Christopher Jack of the HERALD SCOTLAND. Accounts for Rangers Int'l Football Club were released on Friday and "show that losses for the 12 months more than doubled" from £3.3M last year. That figure includes a £3M payment to Sports Direct "as part of the agreement that saw the Ibrox board renegotiate the retail contracts" in favor of the Light Blues. The one-off fee that was handed over to Sports Direct "makes up almost half of the losses that were incurred" as Rangers "look to benefit from increased merchandise income going forward." Other key figures include a rise in turnover from £22.2M to £29.2M from the previous accounting period, while operating expenses are up from £24.9M to £32.9M. Rangers saw an increase in its season ticket sales, up to 43,253, and home attendances, as average Ibrox gates in the Scottish Professional Football League rose to 48,893. It is forecast that an additional £4M ($5.2M) worth of funding will be required by the end of the '17-18 campaign, "with the first tranche needed this month." A further £3.2M ($4.2M) "is then forecast to be required next season, dependent on how Rangers fare on the field" (HERALD SCOTLAND, 11/3).