Rangers reports an underlying loss of £7m to end of December
FORMER Scottish champions Rangers, which listed on London's junior AIM stock market in December, said the club had made an underlying loss of £7m (€8.1m) in the seven months to the end of December.
Rangers said it had a pre-tax profit of £9.5m but noted that this was driven by a one-off accounting credit of £20.5m.
"The company is expected to report an operating loss at year end in accordance with the business plan and broader growth strategy," it said.
The previous parent company of Rangers went into liquidation last year and the team is now playing in the fourth tier of Scottish football.
Rangers chief executive Charles Green said yesterday the club should be integrated into English club soccer in the next few years alongside perennial Glasgow rivals Celtic.
Mr Green said Wales were likely to have two clubs in the English Premier League next season if Cardiff City were promoted to join Swansea City. He believed that the two big Glasgow clubs should be admitted to the English game – although not straight into the Premier League – and leave their junior sides to play in Scotland.
Rangers recently agreed a new five-year kit supply deal with German sportswear company Puma and a one-year shirt sponsorship deal with C&C's Blackthorn Cider. The club expects to make an operating loss this season but move into profit in 2014.