Rangers reveal £11.3m losses as turnover and expenses rise significantly

Laird Investments - a family trust belonging to the Rangers chairman - have agreed to provide additional funds if needed

Saturday 2 November 2019 10:12, UK

Rangers have revealed losses of £11.3m in their latest set of financial results which also include significantly higher revenue and expenses.

The annual report of the Rangers International Football Club plc showed increased turnover of 63 per cent to a total of £53.2m, but operating expenses also rose by about £20m to £58.2m.

Rangers have said they will need to find an additional investment of £10m between now and the end of the season but Laird Investments - the family trust belonging to Rangers chairman Dave King, have agreed to provide additional funds if they are needed.

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 Laird Investments 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.