Rangers need more funds

Rangers are to launch a new share issue to raise funds after they revealed losses of £8.3m in the period to 30th June.   This was a substantial improvement on the £14.4m loss reported in the previous year. However, they will need the first tranche of money in January to continue trading.

Rangers are to launch a new share issue to raise funds after they revealed losses of £8.3m in the period to 30th June.   This was a substantial improvement on the £14.4m loss reported in the previous year. However, they will need the first tranche of money in January to continue trading.

Revenue was up 32 per cent to £25.5m.  Staff costs were down from £17.9m to £14.9m.   This represents 58 per cent of turnover which compares favourably with some other clubs.   Directors renumeration amounted to £786,981.

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