Rangers Boosted By Rise In Profits
Scottish Premier League club Glasgow Rangers has announced a £13.3m rise in pre-tax profits in its latest set of financial results.
Figures for the year to June 2008, show the club overturned a pre-tax loss of £5m on the previous 12 months. However Rangers’ net debt rose in the past year from £16.5m to £21.6m.
The club’s financial results also show turnover increased by 54% to £64.5m, while net operating expenses climbed 32% to £56.8m.
The figures were buoyed by the club’s victory in the Scottish and Co-operative Insurance Cups as well as reaching the final of the UEFA Cup.
However chairman David Murray warned: ‘The increase in turnover highlights the necessity for Rangers Football Club to qualify for Europe to meet the overheads that exist to run a club of our size.
‘Existing levels of expenditure cannot be maintained in the current economic climate and, as we look to the future, it is becoming more important to focus on the development of young players to ensure the long term sustainability of the club.’
Rangers have failed to qualify for European competition for this season.
