Rangers Accounts Reveal £7.5 Million Loss

Rangers made a loss of £7.5million last season, according to their annual accounts.

The figures are a slight improvement on the previous campaign, when the club lost £8.1million.

Turnover fell by just over a million pounds to £16.5million despite the club moving up to the Championship.

The Rangers International Football Club plc figures showed operating expenses also fell slightly to £26.8million.

Rangers underwent regime change towards the end of the financial period, when Dave King and the so-called Three Bears consortium seized power from Mike Ashley and allies following a shareholder vote on March 6.

The club reported a number of "key advancements" since then, including "sound corporate governance", a return to operational and financial stability", investment in stadium infrastructure and staffing levels, a significant rise in season ticket sales and re-engagement with supporters and football authorities.

Chairman King said: "It must be remembered these figures are for the financial year which ended in June this year leaving no time for the changes implemented by the new board, which took over in March, to impact on them.

"The year under review was a difficult one both on and off the field but Rangers supporters and investors can be assured that significant inroads have already been made on a number of fronts.

"A new football management team of Mark Warburton and David Weir is now in place and the team is performing extremely well on the pitch, staffing levels are improving at Ibrox and Auchenhowie, and there is once again a genuine belief that the club faces a much brighter future.

"The year under way is already much more promising on all fronts and I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new board.

"For the first time in many years we should now be able to move forward in a constructive manner."

Rangers announced their annual general meeting would be held at Clyde Auditorium on November 27.