Newco Rangers made an operating loss of £7.1m in the seven months to 31 December 2012. This turned into an overall profit before tax of £9.5m due to a one off accounting credit of £20.4m described as ‘non-recurring release of negative goodwill’ and there is certainly plenty of that around in Scotland as far as Rangers are concerned.
Newco Rangers made an operating loss of £7.1m in the seven months to 31 December 2012. This turned into an overall profit before tax of £9.5m due to a one off accounting credit of £20.4m described as ‘non-recurring release of negative goodwill’ and there is certainly plenty of that around in Scotland as far as Rangers are concerned.
Chief executive Charles Green said in a statement, ‘Given that the Club is in the unprecedented situation of playing in the Scottish League Division 3, there is, at this stage, a clear impact on a range of revenue streams, particularly in broadcasting and with the absence of European participation.
‘We are pleased however that operational costs, particularly staff costs and wages, have been substantially reduced over the period, although the Company is not expected to report an operating profit at the year-end given revenue stream forecasts.
‘We have renegotiated all major contracts and are pleased to have recently established new partnerships with Sports Direct, Puma and Blackthorn Cider. We are particularly pleased with the relationship with Sports Direct, the UK’s largest sports retailer. In addition, the Club appointed a new kit manufacturer, Puma, one of the world’s leading sport-lifestyle companies.’
The average attendance of 45,363 was the fifth highest in the UK. There are over 38,000 season ticket holders, one of the highest figures for any club.