ian1964 10,428 Posted September 16, 2008 Share Posted September 16, 2008 RANGERS Football Club today published its annual financial results to year end June 30, 2008. During the year the Club achieved: - Participation in the UEFA Cup final - Winners of the Scottish Cup - Winners of the CIS Insurance Cup - Runners up in the Clydesdale Bank Premier League - 68 games in the season - Record turnover at �£64.5m (2007 - �£41.8m), an increase of �£22.7m or 54% - Net operating expenses increased by 32% to �£56.8m (2007 - �£43.1m) - Net trading profit on player amortisation and gains of �£0.7m (2007 - loss of �£2.7m) - �£13.3m uplift in profit before interest and tax to �£8.3m (2007 - loss of �£5.0m) - Additions to player registrations of �£18m (2007 - �£7.2m) - Net debt of �£21.6m (2007 - �£16.5m) Sir David Murray, Chairman of Rangers, said: "These results reflect what was a remarkable Sir David Murrayand historic year for the Club both on and off the park. We should be very proud of our collective achievements. "Our participation in European and domestic cup competitions obviously contributed greatly to our record turnover and it is encouraging to report a substantial net profit. "The increase in turnover also highlights the necessity for Rangers Football Club to qualify for Europe to meet the overheads that exist to run a club of our size. It is therefore important to look at all costs in running the business going forward. "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. "I genuinely believe we are now seeing a steady stream of young talent emerging from Murray Park, and will continue to do so. "We were delighted with last year but extremely disappointed not to qualify for Europe this year. We have, however, re-grouped and invested as promised in the playing squad and I know that we can count on our fans' support as we strive to bring the league title back to Ibrox." http://www.rangers.premiumtv.co.uk/staticFiles/8e/c/0,,5~134286,00.pdf 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,348 Posted September 16, 2008 Share Posted September 16, 2008 A �£7m profit and a �£5m increase in net debt. So much for us having �£30m to spend on players as was quoted in some quarters. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,428 Posted September 16, 2008 Author Share Posted September 16, 2008 Just added the Annual Report 2008 link for all the accountants on here 0 Quote Link to post Share on other sites More sharing options...
Guest PortGlasgow Posted September 16, 2008 Share Posted September 16, 2008 Just added the Annual Report 2008 link for all the accountants on here Cheers Ian 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,157 Posted September 16, 2008 Share Posted September 16, 2008 Extremely disappointing (but no unexpected) that the debt has increased. Not good news and if we don't qualify for the CL next season, we'll be back in serious financial trouble. 0 Quote Link to post Share on other sites More sharing options...
JMS 0 Posted September 16, 2008 Share Posted September 16, 2008 It is absolutely astounding how we always seem to be in debt in comparison to the mutants over on the dark side recently. After they were pumped by Artmedia their balance sheet has been all rosie and it hasn't affected their buying power. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted September 16, 2008 Share Posted September 16, 2008 It is absolutely astounding how we always seem to be in debt in comparison to the mutants over on the dark side recently. After they were pumped by Artmedia their balance sheet has been all rosie and it hasn't affected their buying power. What have they bought this season? Only a couple of Cheapo's. Graveson and Baldy cfuked them. 0 Quote Link to post Share on other sites More sharing options...
JMS 0 Posted September 17, 2008 Share Posted September 17, 2008 What have they bought this season? Only a couple of Cheapo's. Graveson and Baldy cfuked them. They did pay 4.5m for a player we could not afford and they have paid more for players individually than we have for quite a few seasons. Remember when wattie wanted hartley, 1.1m, now I was grateful for small mercy's that fukkin day I can tell you 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,157 Posted September 17, 2008 Share Posted September 17, 2008 We could afford Brown. We just didn't want to pay him the wages. 0 Quote Link to post Share on other sites More sharing options...
bmck 117 Posted September 17, 2008 Share Posted September 17, 2008 i dont understand how we can make a profit and increase in debt. 0 Quote Link to post Share on other sites More sharing options...
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