Rangers finances take an upturn

Rangers' on-field success brings off-field benefits

Scottish Premier League champions Rangers recorded a massive increase in turnover last year as a by-product of their involvement in the Champions League, but still made an overall trading loss.

Figures released on Monday for the year up to 30 June showed an increase in turnover from £15m to £51.7m, with an overall trading loss of £4.68m, a reduction of more than £6m on the previous year's deficit.

Chairman David Murray declared himself hugely satisfied with the improvement in Rangers' finances and with the direction the club is heading.

He put the growth down to a major media deal with Premium TV and a rights issue launched by the club last year.

Financial improvement means more money for players

The annual report showed that ticket sales and television income increased by £8m to £27m, while £31m was raised through the alliance with Premium TV.

Sponsorship and related commercial income grew by 75% to more than £10m and retail sales doubled to bring in almost the same sum.

The club's net assets were valued at £79m, an increase of £28m.

A club spokesman said: "This spectacular growth sees the club heading towards being among the biggest in Europe despite receiving only a fraction of the television revenues available in the largest footballing countries."

David Murray is pleased with the bank balance

In the financial period in question, Rangers began work on a new training ground and youth academy at a cost of £12m, scheduled for completion in June next year.

Chairman David Murray said: "I am pleased to report that there has been a significant improvement in the club's finances during the year.

"In cash terms, primarily as a result of the rights issue last March and the PTV agreement, we closed the year with funds in excess of £21m.

"The new training academy will be among the best in Europe.

"At a time when the ever-increasing costs of the playing squad comes under closer scrutiny, I believe our academy will provide long-term value not only to Rangers but to Scottish football as a whole as we seek to identify and nurture home-grown talent."