Bluedell 5,614 Posted February 27, 2009 Share Posted February 27, 2009 Rangers Football Club today published its unaudited interim results for the six months to 31 December 2008. Chairman's Statement The first six months of the financial year excluded income from UEFA Champions League football in comparison to last year. The absence of European competition, together with the economic downturn, has confirmed that the size of the squad was neither sustainable from a financial nor football management point of view. It is our aim to rationalise the squad to a more manageable level going forward, and integrate the young talent now emerging from Murray Park. We are competing well again in both domestic cups, with participation assured in the final of The Co-operative Insurance Cup and progression into the quarter finals of The Homecoming Scottish Cup. The importance of Champions League qualification to the Club underpins our determination to reclaim the Clydesdale Bank Premier League title and with it, direct entry into the Champions League group stages. Turnover for the six months to 31 December 2008 decreased by �£12.9m to �£20.1m, due to the lack of income from the UEFA market pool, ticketing and hospitality associated with European competition. Savings in operating costs through efficiencies and reduced European expenditure have been partly offset by higher underlying player wage costs and amortisation charges due to the summer signings. Incorporating the effect of these additions to the squad, less the gain on sale of players, results in an overall decrease of �£5.8m in profit before interest and tax to a net loss of �£2.7m. Due to the increase in the average debt, the interest charge of �£1.4m was �£0.6m higher than the same period last year, resulting in a retained loss after tax of �£3.9m compared to a retained profit of �£2.3m last year. The players and management are committed and relish the challenges that lie ahead, and I have no doubt that with your collective support we can achieve our objective of securing the league title and Champions League qualification for next year. 0 Quote Link to post Share on other sites More sharing options...
Super_Ally 0 Posted February 27, 2009 Share Posted February 27, 2009 As always, the partipation or non-participation in CL football is key. This highlights the huge importance of winning the league and earning a CL place. Financial and on field results are obviously linked. If we continue trail behind in terms of football results, Celtic's associated superior financial results will put them in a position to streak further ahead until we cannot compete. It's a vicious circle. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 27, 2009 Share Posted February 27, 2009 Agreed S_A. Likewise, if we can win the title and force them into a hopefully unsuccessful attempt to reach the CL group stages, then we actually GAIN from it and, hopefully, close the gap financially. That said, it certainly appears to me that they are being run better fiscally than we are right now so there is no saying that it would happen ! 0 Quote Link to post Share on other sites More sharing options...
Super_Ally 0 Posted February 27, 2009 Share Posted February 27, 2009 Agreed S_A. Likewise, if we can win the title and force them into a hopefully unsuccessful attempt to reach the CL group stages, then we actually GAIN from it and, hopefully, close the gap financially. That said, it certainly appears to me that they are being run better fiscally than we are right now so there is no saying that it would happen ! It certainly appears we are more reliant on CL finances and missing out on the approximate �£10million or so is more damaging to us than it is to them. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,614 Posted February 27, 2009 Author Share Posted February 27, 2009 Consolidated Profit & Loss Account 6 months to 6 months to 31 December 2008 31 December 2007 Unaudited Unaudited �£'000 �£'000 Turnover 20,136 33,076 ------ ------ (Loss)/profit before interest & tax (2,700) 3,099 Interest (1,419) (826) ------ ------ (Loss)/profit before tax (4,119) 2,273 Taxation 203 - ------ ------ Retained (loss)/profit for the period (3,916) 2,273 ------ ------ 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted February 27, 2009 Share Posted February 27, 2009 It certainly appears we are more reliant on CL finances and missing out on the approximate �£10million or so is more damaging to us than it is to them. Which is precisely why our Walter should have had his nuts cracked for failing to prepare the squad to deal with Kaunas. By any measure, he is culpable and personally responsible. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted February 28, 2009 Share Posted February 28, 2009 Which is precisely why our Walter should have had his nuts cracked for failing to prepare the squad to deal with Kaunas. By any measure, he is culpable and personally responsible. Before i scrolled down to your post mainflyer i was ready to type the exact same message. Why with such an important game did Smith play Russian roulette. Crazy and so expensive. 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted February 28, 2009 Share Posted February 28, 2009 (edited) Before i scrolled down to your post mainflyer i was ready to type the exact same message. Why with such an important game did Smith play Russian roulette. Crazy and so expensive. It's equally incredulous that the chairman and manager of Rangers should only now have enjoyed some mystical revelation that our squad is too large and too expensive. Apparently it wasn't too big or too expensive when we had already lost out on CL competition but were still buying players, several of whom have barely featured. Anyone who still believes these people know what they're doing seriously needs to re-examine the facts. Looking at Smith being interviewed on the TV today, he acted like a man who had just found a mirror and seriously wished he hadn't. Edited February 28, 2009 by maineflyer 0 Quote Link to post Share on other sites More sharing options...
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