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Rangers announce £11.3m loss despite £14m Europa cash

Rangers revealed the figures for the year ending June 2019 in their annual report.

Ibrox: Rangers chairman called the results "positive".
Ibrox: Rangers chairman called the results "positive". SNS Group

Rangers made losses of over £11m in the last financial year as they increased their turnover by 20%.

The club revealed the figures for the year ending on June 30 2019 in their annual report released on Friday night.

The £11.3m losses come despite earning £14.3m from qualifying for the Europa League group stages.

Steven Gerrard's men have also qualified for the groups this season, but profits from the current run are not included in the results, neither is the £7m signing of Ryan Kent from Liverpool.

Over £30m has been spent in transfers over the past three seasons with the club's annual turnover now sitting at £53.2m.

Season ticket sales also increased by around 1,000.

Share issues in the year totalled £18.2m, with the club raising £1.6m of cash and converting £16.6m of investor loans to equity.

The club forecast they will need another £10m in investment before the end of the season. 

Turnover increased 63% to a total of £53.2m, but operating expenses also rose by about £20m to £58.2m.

The main increases in income came in gate receipts, which went up £9m to £32m as a result of their vastly improved European performance; commercial and retail activities were up from a six-figure sum to £4m; and UEFA prize money rose from about £650,000 to nearly £6.4m. 

The biggest increase in spending was in staff costs, which went up more than £10m to £34.5m. 

The loss for the year was down from £14.3m in the previous campaign but Rangers need fresh funding to see them through the season. 

The annual report stated: "Building a team to challenge for the Ladbrokes SPFL Premiership and compete in European competition requires continued investment before success in these areas will generate a significant contribution to the revenues and cash flows of the club. 

"Until such time, the group continues to require funding support from its investors. 

"The board have received undertakings from the investors confirming that they will provide financial support as it is required. 

"At the time of preparation, the forecast identified that the group would require £10m by way of debt or equity funding by the end of season 2019/2020 in order to meet its liabilities as they fall due. The first tranche of funding is required from investors in November 2019. 

"However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors." 

The declaration added that Laird Investments - a family trust belonging to Rangers chairman Dave King - had agreed to provide additional loan facilities if there were any shortfalls to the above requirements, along with a £5m loan facility until October 2021.

Rangers chairman Dave King called the results "positive".

He said: "The financial year under review was again a positive one. The highlight was the acceleration of the substantial investment that was previously identified as being necessary to improve the Club's standards - both on and off the pitch.

"Our Club has the highest expectations within the economic sphere that we operate and this requires the appropriate strategy, resources and operational capability. For the first time in many years we have all three of these at every level within the Club.

"The team must continue to evolve to meet the demands and expectations of our supporters and in Steven Gerrard I believe we have someone who embodies everything our Club is about.

"He understands fully that Rangers is synonymous with winning and as a winner himself, he can draw from a deep reservoir of experience gained by performing at the very top of European football."

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