Rangers’ debt has increased by almost £3.5 million to £29 million after the Clydesdale Bank Premier League champions posted a decrease in turnover.
The club have announced a retained profit of £11.9 million for the six months to December 31, 2010, thanks to their participation in the Champions League group stages. However, interim results also revealed that turnover decreased by £4.1 million to £33.7 million due to a reduction in their number of home league games. Rangers hosted only seven matches at Ibrox during the period, compared with ten in the previous season.
Net operating expenses at £21.1 million were in line with last year, while the figures confirmed a 4.9 per cent decline in the number of season tickets sold.
As the figures were announced, Alastair Johnston, the Rangers chairman, criticised the role of the Lloyds Banking Group, accusing them of compromising the efforts of Walter Smith, the manager.
“While we appreciate the support of the Lloyds Banking Group through the Bank of Scotland in extending our credit arrangement and recognising the progress that has been made in developing a template for collaboration, certain provisions imposed on the club continue to compromise, in our opinion, management’s ability to conduct its role with maximum efficiency,” he said.
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“Having said that, as has been widely reported, the majority shareholder is currently engaged in ongoing discussion with a view to selling its equity interest in the club. The outcome of this process could change the role that the bank will play in going forward in its financial structure.”
Johnston was making reference to an ongoing takeover bid by Scottish tycoon Craig Whyte, who this week appeared to move closer to a buyout of Sir David Murray’s shares.
“We are all acutely aware of the distractions off the park, but can assure all stakeholders that our objective of adding the Scottish Premier League trophy to the Co-operative Insurance Cup and providing Walter Smith with a fitting finale is resolute,” he said. “The strength of the club is in its collective and unyielding support to achieve footballing success. I thank you for your commitment and passion as we challenge for another title.”