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Dave King remains upbeat as Rangers post loss of £7.5m

General view of Ibrox Stadium in Glasgow.
Image: General view of Ibrox Stadium in Glasgow.

Rangers have reported a loss of £7.5m for the year ending June 30, 2015.

The figure shows a drop of £600,000 after the Scottish Championship club posted losses of £8.1m for the previous 12 months.

Operating expenses for the year were also down, from £27.7m to £26.8m on a reduced turnover of £16.5m, down from £17.6m the year before.

The annual report also reveals the club expect to need up to £2.5m before the end of the campaign, with the board claiming the first tranche of money will be required next month.

"The forecast identifies that the group will require up to £2.5m by way of debt or equity funding by the end of season 2015/2016 in order to meet its liabilities as they fall due," it said.

"Further funding will be required during the 2016/17 season, the quantum of which is dependent on future football performance and promotion to the SPFL Premiership. The forecast indicates that an initial tranche of funds will be required in December 2015.

"The board of directors has received undertakings from certain shareholders that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required."

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But chairman David King was keen to point out the strides the club has taken since his consortium took charge of the club in March this year.

In a statement he said: "It must be remembered these figures are for the financial year which ended in June this year leaving no time for the changes implemented by the new board, which took over in March, to impact on them.

"The year under review was a difficult one both on and off the field but Rangers supporters and investors can be assured that significant inroads have already been made on a number of fronts.

Rangers chairman Dave King
Image: Chairman Dave King says the club is moving forward in a constructive manner

"A new football management team of Mark Warburton and David Weir is now in place and the team is performing extremely well on the pitch, staffing levels are improving at Ibrox and Auchenhowie, and there is once again a genuine belief that the cub faces a much brighter future.

"The year under way is already much more promising on all fronts and I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new board. For the first time in many years we should now be able to move forward in a constructive manner."

The AGM of the Rangers International Football Club will be held on Friday, November 27. 

Rangers currently boast a five-point lead at the top of the Championship having suffered just one defeat in the league, at Hibernian last Sunday, this season.

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