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Rangers make £9m profit as takeover speculation continues

Rangers Football Club has announced a pre-tax profit of £9m for the six months to December 31st 2010 amid ongoing speculation regarding Craig Whyte’s takeover.  

The Clydesdale Scottish Premier League champions’ profit fell from £13.1m during the same period in 2009 with the amount owed to creditors due within the next year increasing by nearly £3.5m to £29m.

A fall in turnover by £4.1m to £33.7m from the previous year was attributed to fewer SPL games, a 4.9% reduction in season ticket sales and less income from sponsorship.

The figures come as the Craig Whyte takeover saga continues with creditor Lloyds Banking Group denying it is asking for a exit fee before any takeover can go ahead, with other reports claiming a fee has already been agreed with Whyte.

The statement from club chairman Alastair Johnston also confirmed the club’s support for the restructuring of the SPL into two divisions, which has divided member clubs’ opinions.

"The club has been actively involved in current discussions regarding the restructuring of Scottish football, and in particular the Scottish Premier League," Johnston said in the statement.

"However, there are no conclusions as yet to an agreed structure, but we hope that a consensus can be reached to revitalise the game in this country and its standing in European football," he added.

 

Scott Hobro

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