Thursday 23 March 2017 11:50, UK
Rangers have gone into profit for the first time since David King seized control of the Ibrox boardroom two years ago.
The club's latest unaudited trading results for the six months to December 31 shows an operating profit of £300,000 on increased revenue of £16.3m.
This compares favourably to a £500,000 loss from an £11m turnover for the same period 12 months previously, when the club were in the Championship.
Rangers have been reliant on soft loans from shareholders, including King and non-executive director Douglas Park, to fund a shortfall in finance in their 'rebuilding phase' and continue to be embroiled in a protracted merchandising dispute with Sports Direct.
However, they say they envisage no further investment being needed before the end of the season as a result of their presence in the Premiership and their progress to the Scottish Cup semi-finals.
A statement read: "The club is well on its way to achieving a sustainable business model while continuing to invest in infrastructure and the player squad.
"Reliance is still placed on shareholders to fund the shortfall that is required during the current rebuilding phase.
"Whilst additional funds are available if required by the club, no further funding from investors is anticipated in the balance of this financial year to June 2017 due to the team's football performance and progression to the William Hill Scottish Cup semi-finals.
"Resolution of the ongoing dispute with Sports Direct is the only significant issue that still adversely affects the trading performance."
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