ian1964

Ref gave a pen,it never was,but the assistant over ruled him,NO PEN:)

Ha ha ha....................

Fuck me that was never a penalty,cunts

DUTD are shite as well though Craig,making the MOPES look better than they are:)

Coward,you're missing how shite the BHEASTS are:)

Yaaaaaaaaaaaaaaaaaaassssssssssssssss

Got to credit the MOPES for continually producing diving cheating bastards,Maloney is a wee gay cheat

Walker is very excited.I'm sure he is wanking during his commentry

Baaaaaaaaaaaaaaaaaws!!!!

Agreed. Davis is yet to find his form from last season,IMO,however that can only be good thing with Naismith our best player this season so far,with Miller a close second,so if that goal yesterday kick starts Davis season then the rest of the SPL teams have a lot to be worried about :spl:

Hope you're right mate

Much as I would like to see the MOPES get beat I can't see anything other than a win for the SCUM. UTD are not as strong as they were last season,we can but hope though.

And that my friend is what makes a good team. When we do go a goal down I feel confident we will come back,although I don't think anybody enjoys going a goal down against anybody.

17 Oct 2010 ON very few occasions during my career have I walked off a football field and been left absolutely awestruck by the opposition. However, looking back to 1999, and my experiences against the Valencia side of that time, those two Champions League matches were certainly nights when I was left shaking my head at the stunning quality of footballer Rangers had come up against. I have to be honest and say I donââ?¬â?¢t know much about the class of 2010. The occasional pieces of La Liga that I do manage to watch on television, though, always showcase Valencia as being a very good side. It is widely accepted they are the ââ?¬Å?third forceââ?¬Â in Spain behind the heavy-weights of Barcelona and Real Madrid, but the current side would have to go some to be as good as their predecessors. Valencia split the big two the season I faced them; and the results they achieved back up my claim. After beating us in the first group phase, they went all the way to the final in Paris. They battered Barcelona in the semi-finals, with a first-leg 4-1 thumping in the Mestalla, before finally succumbing to Madrid in the final in the Stade de France. They lost 3-0 against a supreme Real team, but, essentially, Valencia were the second-best side in Europe that season. That says enough about what they had in their arsenal when they faced Rangers, and a very good Ibrox team at that, let me add. The ironic thing about those group games 11 years ago was that Valencia were dismissed, almost written off, before we played them in mid-September. They had endured a pretty woeful start to the Spanish season. On the flight over from Glasgow they were, quite famously, branded ââ?¬Å?the Aberdeen of Spainââ?¬Â in some sections of the press. That was a reference to their lowly league position, and a compar-ison to the Dons, who had made a slow opening to the SPL campaign. We were buzzing at Rangers at the start of that season under Dick Advocaat. We had clinched the treble in his first year at the helm, the league title providing us with access to the Champions League, and it was to give many of us our first taste of the big time. In our squad going over to Valencia we had players such as Sergio Porrini, Lorenzo Amoruso, Claudio Reyna, Giovanni van Bronckhorst, Jorg Albertz, Michael Mols, Gabriel Amato, Arthur Numan, Neil McCann, Craig Moore and Colin Hendry. We felt there was a good mix of exper- ience and younger, emerging players, certainly with enough about us to go and have a crack at the Spaniards, and also Bayern Munich and PSV Eindhoven, the other two teams in the group. The record books state Valencia beat Rangers 2-0; that doesnââ?¬â?¢t tell the story. They toyed with us and, even though the goals came in the second half, it could have been a really painful defeat had they been a bit more clinical in front of goal. In the midfield area, where we were very strong, they had Gaizka Mendieta, an absolutely superb player, and David Albelda was as tough an opponent as I had faced at that time. They moved the ball at such speed, they attacked from different angles, with Kily Gonzalez and Claudio Lopez looking menacing every time they had the ball. Advocaat was thorough in all his preparations for matches, but there was little he, or any of us, could do to combat them. By the time they came to Ibrox at the end of October, they were flying. Again they bossed the match, and they were two goals ahead at the interval. As I said, we were doing well ourselves, having beaten PSV back-to-back and drawn with Bayern, but Valencia were a notch above the rest of us. Mendieta was immense. He had such an ability to take the ball in tight areas, yet somehow lift his head and find a yard to make a pass. The biggest lesson I learned from Valencia was that, in the Champions League, possession of the ball is king. To this day, and it will apply on Wednesday again when they are back in town, it is the most crucial factor when trying to cope against sides of that quality. They get enough of the ball without you giving it back to them cheaply! Rangers will need to try to keep hold of the ball for as long as they can; even if it is just for periods of passing that donââ?¬â?¢t actually see you press forward, it allows the defence time to breathe. I would imagine that, even though the faces have changed, the ethos of Valencia will be the same. They have superb technique, an excellent touch, and they will try to pick Rangers off. In saying that, I have been really pleased for my old team with what they have achieved so far in Europe this season. To get a point at Old Trafford was outstanding. Some of the stuff written and said about the tactics they used was just laughable. I have watched many sides defend in numbers against Manchester United, but get opened up. Rangers just defended better than most. They were superb. Having followed that up with a win over Bursaspor gives them a very good opportunity of European football after Christmas. But first they must deal with Valencia ââ?¬â?? and that could be easier said than done. http://www.heraldscotland.com/sport/spl/rangers/keeping-the-ball-will-be-vital-for-rangers-against-their-spanish-opponents-in-the-champions-league-1.1062001

I think we should keep playing the way we are playing,we are a good side

RANGERS captain Davie Weir last night waded into the Allan McGregor suspension row and insisted the SFA have got their priorities wrong by banning players for innocuous offences while letting the "kickers" go unpunished. And Ibrox boss Walter Smith described the disciplinary system used when trying players by TV evidence as "flawed". The furore prompted new SFA chief executive Stewart Regan to issue a statement - and admit that procedures need tightened up. Rangers keeper McGregor will miss today's match against Motherwell at Ibrox after the beaks used TV footage showing him flicking a boot at Aberdeen's Chris Maguire - and missing - on September 26 as evidence of violent conduct. But his manager and captain believe the Scotland No.1 has been harshly treated - and Weir pointed to the yellow card shown to Hearts midfielder Ian Black the following week for a shocking challenge on Nikica Jelavic as proof that the SFA are not nailing the real offenders. Weir said: "Anybody who's spoken about it thinks it's a strange decision. To get suspended for not kicking someone seems a strange decision and then the lad who kicked Jela last week didn't get suspended. So there doesn't seem to be much logic to it. "It wasn't a tackle (from Black), he just kicked him. Tackles are part of football but this wasn't one. "The ones I see in England are mistimed tackles which happen, especially with the pace football is played at. That's what happens. But this was different. "I'm not here to change the system or dictate what's right or wrong but Jela is out for three months now because of that tackle. "Allan has been suspended when there's not been any contact so there doesn't seem any logic. I know there are rules and regulations but in this case it's obvious to everybody." Weir's boss Smith is just as unhappy. He said: "I think the process is if the game is on television then anything that appears on TV, the disciplinary body of the SFA will look at and then put it to the chief executive . "It is a flawed process. Ourselves and Celtic are on TV every week but it's flawed because it means for the other clubs it's down to whoever edits the stuff that appears on the telly. "Unless every game is shown it is unfair and that is something that has been flagged up to the SFA for a long time. McGregor's was an innocuous foul. It wasn't even a foul but that's how they see it and we can't do anything about it . "The other aspect is that it has got to be something that the referee misses. "For instance, if the referee gives somebody a yellow card then it's deemed to have been spotted and nothing else can be done about it - even though more stringent action might have been taken in their opinion, they just ignore it. "But if the referee misses it then they feel they are obliged to bring it up." Celtic boss Neil Lennon agreed with his Old Firm rival and said: "You are under the spotlight more when you are at the Old Firm and our games are televised more than the other teams so it would be a concern." SFA boss Regan, who had to deal with the McGregor case on his first day in the job, said: "The investigation process is designed to ensure violent conduct is eradicated from the game, whi le also providing a suppor t network for match officials who may have missed such instances. "There are elements of the process that I am not entirely content with. "I have requested a tighteningup of certain elements which I believe will help improve the functionality of the procedure." Smith is also unhappy with one of his players - midfielder Lee McCulloch, who will miss this week's three vital matches against Motherwell, Valencia and Celtic - after aggravating a groin injury playing for Scotland against Spain on Tuesday. Asked if he was disappointed that his player had chosen to play against Spain, Smith said: "A wee bit. Especially as he missed our game prior to playing."

CASUALS from England are planning a revenge attack over the UEFA Cup final riot. Police have been tipped off that the thugs will fight running battles on the streets of Glasgow before Rangers' crunch Champions League clash against Man Utd next month. It's believed thugs from south of the Border will target Gers fans on Paisley Road West. The police and other agencies met last week to discuss their tactics. A police source said last night: "Intelligence has been received about these supposed fans coming to Glasgow for the return leg of the Champions League game." The threat comes after Gers fans rioted at the 2008 Uefa Cup final in Manchester. Around 175,000 Gers supporters had travelled to the game. Chaos erupted when a big screen at Piccadilly Gardens in the city centre broke down just after kick-off. Fans clashed with riot police, leaving a trail of damage in the city centre as their side lost to Russians Zenit St Petersburg. Eleven of the troublemakers were jailed by a judge who described the events as "the wor st night of v iolence and destruction suffered by Manchester city centre since the Blitz". Cops in Lancashire had feared a repeat when Rangers and United were drawn in the same group this season. Fans attending Rangers's 0-0 draw with United at Old Trafford in September had to gather in Wigan before being bused to the match under police escort. There were running battles in Paisley Road West the last time United came to Ibrox in the Champions League. Thousands of ticketless fans filled pubs in the city centre and around the stadium in October 2003. Cops estimated there were 7000 English supporters in the city. Only 2500 had tickets. A total of 50 arrests were made by police that night - half of them on Paisley Road West before the game. Rangers Suppor ters Associat ion general secretary John Macmillan said last night: "My advice to all fans would be that if you hear about or see any trouble to report it to the police as soon as possible and to avoid it at all costs. "The vast majority of all football fans do not want any trouble and I hope that there is none at this match and it is the last thing that we want." The police source said a "si lver" meeting had been held about the threat . "Silver" refers to the second level of a three-tier police command structure. A silver commander is the tactical chief for a particular event, normally a senior officer who would be based in a police nerve centre, such as a purpose-built command vehicle, from where they would direct operations. The recent silver grade meeting at Strathclyde Police saw the operations team meet agencies such as British Transpor t Pol ice, other emergency services and public transport officials to discuss the intelligence report on the planned trouble. Superintendent Jim Watson of the city's G division said: "Strathclyde Police is experienced in policing major football matches and, as with every major event or game, it will be policed appropriately. "Our priority is the safety of everyone going to the game and that they enjoy the experience and return home safely." The game is on Wednesday, November 24, at 7.45pm.

WS has really done an exceptional job in building this team with a good mix IMO,he has the right blend and we are a young team,hopefully I'll still be saying the same come the end of the season. By the way Gribz,I was always a Boyd fan,if only for his goals,but Miller has stepped up to the plate,also we have brought in two strikers to replace him,Jelavic who has had a great start to his Gers career,and Beattie who I wasn't keen on his signing but now he is here I'm sure he will come good in the SPL,also Lafferty you would hope will start his Rangers career this season,and not forgetting Weiss who will chip in with a few goals while he is here. So without starting another Boyd thread,he's gone now so feck him,you can't justify what you say about Boyd without taking into consideration the new signings that WS has brought in,if WS had not signed these players you can bet your bottom dollar we would miss Boyd,IMO of course.

Remember Goram hitting Dicanio on the back of the head TWICE at Ibrox?? [ame=http://www.youtube.com/watch?v=6YP1guLeKFg]YouTube - an andy double[/ame]

ANONYMOUS is here there and everywhere. And now it would appear He She or It, has joined that old red rag, the Guardian. It isn't long since I highlighted some chancer on the paper by the name of Glendenning, who had branded Rangers - the club that is, not the supporters - as Huns. Now the latest attack has by the paper, which the great Richard Littlejohn so accurately branded, one of the "unpopulars," has been directed at the Ibrox club's fans, and features the biggest managerial failure in Rangers long history, Paul Le Guen. Now - to quote Private Eye - as any fule know, Rangers got rid of the French flop almost four years ago after a short period because he showed, beyond debate, that he was ill equipped to handle the task handed to him by Sir David Murray. It was something I had predicted four years past in February when it was first announced Le Guen was to succeed the successful Alex McLeish. My view was based on research of his record, the resources he had needed for his undoubted success in France, and the circumstances in which he had managed. My conclusion was that he would not have similar resources at Ibrox nor would the circumstances there be anything like what he had experienced in France, and that he was, therefore, the wrong man for the job. It was a view which flew in the face of popular opinion and united most Rangers supporters against me when I expressed it at the time when LeggoLand was published in the old fashioned print form. Press pack pals thought I had gone bonkers, despite me explaining my reasoning, while Ibrox season ticket holders among my Partick pals just did not want to listen. In common with Rangers supporters everywhere, they bought into Murray's poetic prediction of riding a Le Guen moonbeam to glory. Their almost fanatical belief in him was there for all to see when Le Guen took a bow in front of the Ibrox crowd for the first time. The splendid red, white and blue Tricolour of France flew in all corners of Ibrox and the crowd loudly and lustily belted out the tune of that most magnificent of anthems, La Marseillaise. Stirring stuff! I do not think I can recall a new Rangers manager getting a more vigorous reception. Not Jock Wallace when he returned, or the legend that is John Greig when he stepped up from the captaincy, not Graeme Souness, or even the second coming of Walter Smith, when he replaced Le Guen. Rangers supporters believed Le Guen was the man to make them a force and any thought of the Frenchman not being what the Guardian's Mister or Ms Anonymous called, "Rangers-minded" never entered the head of anyone I met. It did not seem to be present among the crowd whose welcome for Le Guen was loud, long and genuine. Yet, with a fine and blatant disregard for these facts, the Guardian has chosen to use a fairytale in the London Times, linking Le Guen with the vacant manager's job at Hibernian, as a sorry and sordid excuse to try and blacken the name of Rangers again. What appeared in an Anonymous article in a Guardian supplement gave a perfect example of why so many folk do not trust this ailing and failing newspaper to tell the truth. This is the libel - for that is what it is - which appeared in the Guardian supplement.... "Paul le Guen, formerly of Rangers, but not considered 'Rangers-minded' by the more confused denizens of Ibrox, could take over at the significantly greener, Hibernian." Just pause for a moment, go back and read that again. Rangers supporters reading this may care to take a deep breath, pause for another moment and then go back and read that outrageous lie again. They may then feel like going to Google and researching the Press Complaints' Commission. Perhaps the Guardian's Anonymous is getting confused with his clubs. Perhaps he is thinking of the view expressed by the veteran journalist and long time acute Parkhead watcher, Hugh Keevins - who makes a welcome return to Sunday column duty with the Sunday Mail this weekend - and his view that there may have been many Parkhead fans who did not take to Gordon Strachan due to a lack of what was described as his Celtic DNA. This opinion was given at a time when, under Strachan, Celtic had won one title, were on their way to a second successive championship, and before he managed them to a third, the first man to do so since Jock Stein. Or - and maybe you believe this is the more likely scenario - Mister or Ms Anonymous in the Guardian, was just venting their spleen against Rangers and their supporters, because that is the sort of stance which is expected of such a newspaper. It has certainly never been kind to the Ibrox club, dating back to the time when current Celtic director, Brian Wilson, was its Scottish football correspondent for a decade from the mid 1970s to the 80s. But - and this includes Glendenning's Huns slur - this latest ,absolutely without any basis of foundation libel, should be the last straw. The very least that should happen is that the Guardian should be put under pressure to unmask the He, She or It who is to good reporting what Subo is to singing. And the first step in that direction is reporting the Guardian to the Press Complains Commission. http://davidleggat-leggoland.blogspot.com/

NEW SFA chief executive Stewart Regan has pledged to bring greater haste and clarity to the organisation's disciplinary system after admitting his unease at the timing of Allan McGregor's one-match suspension. Allan McGregor, who was outstanding for Scotland against Spain, trains with Rangers yesterday, but the goalkeeper will miss Rangers' SPL clash with Motherwell today due to a controversial ban Picture: SNS The Rangers goalkeeper will miss his club's SPL match against Motherwell at Ibrox today because of the ban imposed for aiming a kick at Aberdeen striker Chris Maguire during a match at Pittodrie three weeks ago. The incident was not spotted by the match officials at the time but was subsequently referred by the SFA to its independent video review panel. To Regan's discomfort, the judgment on McGregor was passed on Monday, both the chief executive's first day in the job and the eve of the player lining up for Scotland in Tuesday's Euro 2012 qualifier against Spain at Hampden. Rangers manager Walter Smith yesterday described the situation as "embarrassing" and accused the SFA of ignoring "glaring discrepancies" in what he claims is a "flawed" disciplinary process. Within four hours of Smith making his comments at Rangers' weekly media conference, however, there was a response from Regan in the form of a lengthy statement in which he directly addressed the former Scotland manager's complaints. "In light of recent publicity surrounding Allan McGregor's retrospective punishment for violent conduct," said Regan, "I would like to clarify a few points which, hopefully, will better explain the process. "I can understand the media and supporter interest in the situation that arose at the start of the international double-header. The timing was unfortunate - and not how I intended to spend my first day in office - but the investigation process is designed to ensure violent conduct is eradicated from the game, while also providing a support network for match officials who may have missed such instances. "There are elements of the process that I, as a newcomer to the Scottish FA, am not entirely content with. I have already requested a tightening-up of certain elements which I believe will help improve the transparency and functionality of the procedure. It is my intention that formal notification of investigations will be made sooner and that a fixed timescale for any subseqeunt appeal is established. It should be noted that, compared to previous procedures, the current investigation system is now completed within a two-week timeframe and is therefore more efficient." Smith believes Rangers and Celtic suffer a disproportionate number of suspensions such as the one handed out to McGregor as a result of fixtures involving the Old Firm clubs being televised live more than any others in Scotland. Regan, however, dismissed that view. "While some of our more prominent clubs argue that their media exposure leaves them unfairly at risk of such investigations, I would point out that, adopting the same principle, they are also in a position to have a higher percentage of claims for wrongful dismissal acted upon," he said. "Furthermore, we have dealt with many cases from lower divisions using club television or analysis footage. "The process, when initiated by the chief executive, is referred to an independent review panel before being ratified by the chairman of the disciplinary committee. This is a far more streamlined process than previously was the case. It is the responsibility of the referee development department and disciplinary department to be aware of instances that may be worthy of investigation. This will be highlighted primarily by using television footage or feedback from the referee observers." While Regan seeks greater transparency in the SFA system, there will be no change to the anonymity of the pool of former players, managers and referees who make up the independent review panel. "It ensures a cross-section of opinion across the football family," added Regan, "but to reveal their identities on a case-by-case basis would be detrimental to the integrity of the process." Rangers' sense of disquiet over McGregor's punishment has been heightened by the serious ankle injury suffered by Nikica Jelavic during their match against Hearts at Tynecastle two weeks ago. The Croatian striker faces three months on the sidelines as a result of the damage caused by a foul from Ian Black. The Hearts midfielder was booked at the time by referee Craig Thomson, meaning no further action can be taken. "Allan has been suspended for not kicking someone while the lad who kicked Nikica doesn't get suspended," said Rangers captain David Weir. "There doesn't seem to be much logic to it. It wasn't even a tackle (from Black], he just kicked Nikica." Regan, however, will not seek to make any change to the procedure surrounding incidents like the one involving Jelavic and Black, insisting that to do so would undermine the match officials. "It has been mentioned that while the process deals with misconduct missed by a referee, it does not include instances where it is believed a referee 'maybe didn't judge properly'," added Regan. "This falls under the category of claims for wrongful dismissal, a procedure with which clubs are familiar. "It should be emphasised, though, that the investigation process is designed to assist match officials. To intervene in instances that fall between investigations into incidents missed by a match official and claims of wrongful dismissal would compromise the authority of referees in relation to the laws of the game." http://sport.scotsman.com/sport/Allan-McGregor-ban-prompts-SFA.6584285.jp?articlepage=3

Just been thinking,and drinking:),about this Rangers team,now I know we have had a lot better Rangers teams but with all the shit that has happened in the last couple of seasons,off the park,I think the players are showing an incredible hunger and desire to win every game,so far,and are still unbeaten in the league and CL. We have in the next three fixtures that can shape our season IMO,I know it's early,but if we win our next three games it would be a tremendous achievement for this group of players,and the manager and backroom staff. So I guess my question is if they win the next three games,which with the way they have been playing I'm actually confident they can/will win the next three games,how good a team will that make them?

I honestly think if one of the big EPL sides come in for him and offer something in the region of �£7m he will be off,I agree he would not got to a mediocre EPL side as he is used to winning trophies and will want to keep winning trophies,he knows he can keep winning things with Rangers,and has already been said he would/could become a Rangers legend,however money talks and with all the shit he recieves in Scotland,a lot of that is down to himself,he might just be tempted.

FINANCIAL RESULTS As highlighted in my report last year, the effect of the economic downturn and the focus on the level of debt within the Club resulted in the Board imposing greater financial disciplines to ensure the long term sustainability of the Club. The continuing attention on cost reduction and revenue enhancing initiatives together with our participation in the 2009/10 UEFA Champions League and qualification for the group stages of the 2010/11 UEFA Champions League, have resulted in the Club surpassing initial objectives and being on a more sound financial footing than last year. Cost control and revenue generating initiatives continue to be key challenges for all SPL clubs in light of decreased broadcasting rights, the impact of the recession on core revenue streams and Scotland’s ranking in European competition. Balanced measures have been, and will continue to be taken at the Club to reduce any negative impact, while maintaining our competitive edge on the pitch, to ensure long term financial stability. Bank debt levels as at 30 June 2010 under our Term Loan and overdraft facilities improved by Ã?£3.7m to Ã?£22.3m reflecting the net income earned from Champions League participation, offset by the outlay of Ã?£8.0m in the year on historic player transfers and a decrease in advance season ticket sales for the forthcoming season. The Group’s turnover at Ã?£56.3m and operating profit of Ã?£5.1m increased by Ã?£16.6m and Ã?£22.4m respectively on last year, benefitting from Champions League income and a reducing cost base. Gate receipts and hospitality sales increased by Ã?£1.6m to Ã?£25.8m due to the additional games in the season. In total 54 matches were played in all competitions in 2009/10 as against 49 in the prior year. The three home European ties made up the majority of the increase in revenue, although this was slightly offset by the exit at the quarter final stage from the Active Nation Scottish Cup. While the number of season tickets reduced due to the impact of the recession by 2,801 to 40,306, the improved mix of adult versus concession tickets and increased matchday income meant that the decrease was not as pronounced in revenue terms. Hospitality sales were affected by the economic downturn, with seasonal occupancy levels dropping to 56% (2009 - 66%), with occupancy for SPL matches averaging 86% (2009 - 90%). Challenges remain in the key revenue streams of ticketing and hospitality for the current season given the state of the economy. Income from sponsorship and advertising increased by 4% to Ã?£2.9m in a difficult market. The Carling agreement came to a close in May 2010, and has been replaced by a three year sponsorship deal with Tennent’s from 2010/11. As has been well documented, the demise of Setanta in the summer of 2009 has had a major impact on broadcasting revenues in Scotland. While the new BSkyB and ESPN contract with the Scottish Premier League is welcomed, the financial impact on the Club’s income is highlighted in the Ã?£1.4m reduction in broadcasting revenue to Ã?£3.8m. This reduction includes a decrease in income from domestic cup competition and the Club’s TV channel. In August 2009 the new media offering http://www.rangersTV.tv was launched. This offers live broadcasts and archive material to be viewed on demand and at the year end had 23,000 registered users. Commercial income increased by Ã?£16.1m to Ã?£21.7m as a result of participation bonuses and market pool related income from the UEFA Champions League group phase, together with improved revenue from publishing. The market pool element from UEFA was enhanced given we were the sole Scottish representative in the group stages. Although we have secured direct qualification into the 2010/11 Champions League group phase, a cautionary note should be made for the 2011/12 season, when, due to the Scottish co-efficient in European competitions, the winners of the Scottish Premier League may have up to three qualifying rounds to negotiate before entering the lucrative group stages. The guaranteed net royalty receipts from JJB Sports plc of Ã?£3.0m together with the annual amortisation of the initial 2006 payment of Ã?£14.5m are included within the commercial turnover figures. Other operating income principally comprising events and catering income increased by 8% to Ã?£2.0m due to our participation in Europe. Net operating expenses decreased by Ã?£4.4m to Ã?£43.9m reflecting the reduced salary levels and efficiencies introduced in the year. Total payroll costs as a percentage of turnover reduced to 50% (2009 - 77%) as a result of the Ã?£2.5m decrease in salary costs and the improvement in turnover. Despite the cost to service the European campaign and the launch of the new media platform, http://www.rangersTV.tv, other operating charges also decreased by Ã?£1.1m to Ã?£13.6m. With player amortisation costs decreasing by Ã?£1.5m to Ã?£7.3m, reflecting the disposals from the squad, operating profit increased by Ã?£22.4m from a loss of Ã?£17.3m to a profit of Ã?£5.1m. The gain on disposal of player registrations, including Barry Ferguson, Charlie Adam and Pedro Mendes, was Ã?£5.7m less than the prior year at Ã?£0.5m. Interest costs of Ã?£1.4m, reflecting the reduction in debt and lack of activity in the transfer market, resulted in a profit before tax of Ã?£4.2m, an increase of Ã?£18.3m on last year’s loss. As there are sufficient tax losses brought forward from prior years to negate the current year’s taxable profit, the tax charge was nil as against a credit of Ã?£1.4m due to Group relief in the prior year. The retained profit for the year to 30 June 2010 amounted to Ã?£4.2m, an overall increase of Ã?£16.9m on the prior year loss of Ã?£12.7m. FIXED ASSETS The cost of player registrations in the year amounted to Ã?£0.4m (2009 - Ã?£11.8m), reflecting only contract extensions. The net book value of player registrations at 30 June 2010 stood at Ã?£10.9m (2009 - Ã?£20.2m). FUNDING Total net debt at 30 June 2010, including our bank facilities, finance lease and other loans, amounted to Ã?£27.1m, a reduction of Ã?£4.0m on the prior year resulting in a debt to equity (gearing) ratio of 38% (2009 - 47%), and headroom on existing facilities of Ã?£11.7m. The cash outflow of Ã?£8.0m relating to historic transfers, together with the cost to service debt, diluted the impact of cash receipts from the Club’s participation in the 2009/10 Champions League. The term loan, repayable over 19 years, stands at Ã?£19m following the scheduled repayments during the year, with the Ã?£15m revolving credit facility reviewed annually in November. The Ã?£15m swap arrangement entered into with the Bank of Scotland in March 2008 remains in place at a fixed rate of 4.67% until at least March 2011. Last year a rigorous plan was embarked upon to reduce costs and debt levels. Cost reductions and on-field success has resulted in these targets being surpassed both in terms of profit and debt reduction. This, coupled with securing direct qualification for the 2010/11 Champions League group stages, has resulted in the Club being in a more stable position financially than twelve months ago. The Club is now in direct contact with Lloyds Banking Group, with more constructive dialogue and an improved understanding from both parties of the current issues and future objectives. A level of investment has been agreed for the playing squad within a revised business plan, but the future has to be viewed with a degree of caution given the current Scottish co-efficient for European competition. A balance has to be struck on remaining competitive, whilst reducing our dependency on debt funding and thereby ensuring the longer term sustainability of the Club. OTHER MATTERS In May 2010 UEFA approved the Financial Fair Play Regulations. This means that the Club’s financial position and ultimately European participation will be assessed on a series of different indicators and requirements. A phased implementation of the regulations will take place over the next three years, culminating in a ‘break-even requirement,’ being a balance between expenditure, in particular salaries and transfer fees, and income generated. These requirements will be closely monitored to ensure compliance. On the basis of expert tax advice, the Club is defending a query raised by HMRC into the operation of the Murray Group Management Limited Remuneration Trust, established to provide incentives to certain employees and other service providers. This is part of an ongoing tax enquiry scheduled to be heard by a tax tribunal before the end of the year. It would therefore be inappropriate to comment further on matters pending the outcome of this tribunal. In conjunction with Glasgow City Council and Glasgow Housing Association, a number of options are currently being explored regarding the potential development and regeneration of land adjacent to Ibrox stadium. The wider community will be involved and consulted in the planning process once specifics on mixed use and financial returns have been agreed between the main parties.

Chairman’s Statement I am very pleased to present the Rangers Football Club Annual Report against a backdrop of success for the Club. To win our 26th League Cup was outstanding but to secure our second successive Clydesdale Bank Premier League title at this juncture was not only a tremendous achievement but one of paramount importance to the welfare of the Club. I would like to extend my congratulations to Walter Smith, Ally McCoist, Kenny McDowall and the playing squad for their efforts. The result of that success was qualification for the UEFA Champions League this year, the net revenues from which will, in turn, provide us with greater financial stability. One of the immediate benefits of this was the commitment by Walter to manage the team for another season and Ally and Kenny agreeing to new contracts. The benefit of participating in the UEFA Champions League in Season 2009/10 is clear with our turnover increasing by Ã?£16.6m to Ã?£56.3m. This, together with measures taken on reducing our cost base, resulted in an increase in operating profit of Ã?£22.4m to Ã?£5.1m from last year’s loss of Ã?£17.3m. Retained profit for the year amounted to Ã?£4.2m, an increase of Ã?£16.9m on last year. The current year incorporates a Ã?£0.5m gain on sale of player registrations compared with a gain of Ã?£6.2m in the prior year. In terms of debt, our net cash inflow in the year amounted to Ã?£4.0m. As I highlighted last year we still had Ã?£9.2m payable in terms of historic player transfers. The cash flow in the current year reflects payments of Ã?£8.0m on these prior year acquisitions, and resulted in our year end debt in relation to the term loan and overdraft facility with Lloyds Banking Group of Ã?£22.3m. Total debt at 30 June 2010, incorporating finance leases and other loans, amounted to Ã?£27.1m. A balance has to be struck between debt reduction and remaining competitive on the playing front. To this end, we agreed a business plan with Lloyds Banking Group in recent months, and whilst we continue to look for new investment, this has enabled an allocation of funding for new players, while at the same time retaining the nucleus of the squad that has served us so well in the past two seasons. The financial results and the team’s success have assisted in stabilising the business and strengthening our balance sheet. Some caution must be exercised, however, given the effect of the recession on our core revenue streams and the implications to Scottish football of the country’s European ranking. Challenges therefore still remain but I am confident that the management team under the guidance of Martin Bain can continue to enhance the company’s financial performance whilst maintaining our team’s competitive edge on the field. Every Rangers fan, myself included, knows only too well the issues we have faced in recent times given our debt levels and the distraction of ownership speculation. However, we are now in a position to look forward more constructively and positively as we make every effort to achieve continued success for this great football club. As I did last year, it is my intention to deliver a “Chairman’s Address” at the AGM on 18 October 2010, when I will update our shareholders and supporters on major developments pertaining to the Club and provide further insight into issues of concern and interest to all of our patrons. More Info: http://www.rangers.co.uk/staticFiles/f6/56/0,,5~153334,00.pdf http://www.rangers.co.uk/page/annualreport/0,,5,00.html