Posts Tagged ‘accounts’

Rangers announce operating losses of £14.4million in their annual accounts

Tuesday, October 1st, 2013

The Daily Record reports on the first annual accounts posted by The Rangers International Football Club PLC:

Rangers International Football Club plc announced revenue of £19.1million and staff costs of £17.9million.

The club, who raised £22million through a share issue in December, revealed they had £11.2million cash in the bank on June 30, £4.5million of which came from season-ticket sales.

The accounts, which were released this morning, also showed former chief executive Charles Green received a whopping salary of £933,376 for the 13 month period ending June 30, 2013.

Manager Ally McCoist took home a pay-packet of £825,858 for that period, while finance director Brian Stockbridge received £409,308.

Almost £1m for McCoist to manage a team in the lowest ranks of Scottish football, with playing staff costs of almost £8m.

Rangers report operating loss of £14m

Tuesday, October 1st, 2013

The Rangers International Football Club PLC has published its first set of annual accounts:

Rangers have reported operating losses of £14m in the 13 months to June.

Worth every penny.

Just to be clear: that’s over £1m down the drain every month since the company was founded last year – from a debt-free standing start and over £25m raised with a public offering on the stock exchange.

It’s very difficult to pat yourself on the back when your head is buried in the sand, but Rangers chief executive Craig Mather manages it in his statement on the club’s website.