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SPL financial health check: Rangers

A look at the state of finances at Rangers from PricewaterhouseCooper's most recent report and previous findings over five years.

Rangers' debt remained high in 2009/10 but participation in the Champions League added money to the club's coffers.
©SNS Group

The data presented is taken from PricewaterhouseCooper's financial reports into the Scottish Premier League, extracting figures from their latest findings and previous releases.

For a general overview on the state of the SPL clubs' finances, you should read: SPL clubs record profit but report warns of uncertain financial future.

Summary
 
Rangers' involvement in the group stages of the Champions League contributed to a growth in revenue, compared to the previous year when they were knocked out in the qualifying rounds. The club lost £1.4 million in revenue from the collapse of Setanta in 2009/10.

The figures below represent the findings at the end of the 2009/10 season. A takeover at the club since is likely to have resulted in significant debt reduction, although accounts are not yet available.

Attendances

2009/10: 47,564
2008/09: 49,534

As comparison:
2004/05: 48,676
2001/02: 47,880

Wages
 
2009/10: £28,133,000
2008/09: £30,662,000
2007/08: £34,669,000
2006/07: £25,000,000 (circa)
2005/06: £28,000,000 (circa)

Turnover

2009/10: £56,287,000
2008/09: £39,704,000
2007/08: £64,452,000
2006/07: £42,000,000 (circa)
2005/06: £62,000,000 (circa)
 
Wage-to-turnover

 
2009/10: 50%
2008/09: 77%
2007/08: 53%

Profit/loss before tax
 
2009/10: £4,200,000 profit
2008/09: £14,085,000 loss
2007/08: £6,567,000 profit
2006/07: £6,000,000 loss (circa)
2005/06: £0 profit (circa)
 
Net debt
 
2009/10: £27,074,000
2008/09: £31,118,000
2007/08: £21,559,000
2006/07: £8,000,000 (circa)
2005/06: £7,000,000 (circa)
 
Director comment, Donald McIntyre, finance director

“Last year a rigorous plan was embarked upon to reduce costs and debt levels. Cost reductions and on-field success has resulted in these targets being surpassed both in terms of profit and debt reduction. This, coupled with securing direct qualification for the 2010/11 Champions League group stages, has resulted in the club being in a more stable position financially than 12 months ago.”

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