Rangers produced some good financial results for the year to June 2010 but they were highly reliant on participation in the group stages of the Champions League. Turnover was up 42 per cent to £56.3m and profits were up.
Rangers produced some good financial results for the year to June 2010 but they were highly reliant on participation in the group stages of the Champions League. Turnover was up 42 per cent to £56.3m and profits were up.
Debst were down to £27.1m, of which £22.3m is owed to Lloyds Bank. The relationship with the bank is a better one as there is an acknowledgement of the progress that has been made, while for its part the club recognises that the financial discipline imposed on it has been worthwhile. Further talks are to be held soon on the scheduling of debt repayments soon, but the bank recognises that there is no point in undermining the club to a point where it cannot no longer meet interest payments and service its debts.
How far participation in the group stages of the Champions League can be relied on in the longer term is an open question, given that winning the SPL will no longer guarantee qualification. The idea of an Atlantic League of smaller nations which has been around for over ten years is being given another airing but whether it will get off the ground or generate significant revenues is uncertain.
No new owner of the club seems to be on the horizon, hinting at the challenges that arise in trying to achieve the success on the pitch that fans demand on a constrained budget. One consequence of the penny pinching is that parts of Ibrox are starting to look a bit shabby and thought is being given to how fans could be generated to upgrade them.