Rangers: Nathan Patterson sale helps generate £5.9m operating profit
- Published
Revenue of almost £87m has improved Rangers' financial position
Rangers have reported a £5.9m operating profit for the year to June.
The latest annual figures show a significant improvement on the operating loss of £23.5m in the previous reporting period.
Turnover for last season neared £87m as the men's team won the Scottish Cup and reached the Europa League final, while the sale of Nathan Patterson to Everton in January generated an £11.5m fee.
The women's team won SWPL1 for the first time.
Rangers, who will hold their annual meeting on 6 December, also received compensation for men's team manager Steven Gerrard's mid-season departure to Aston Villa.
The company balance sheet shows total liabilities have increased from £5.4m to £12.4m while chairman Douglas Park highlighted "some one-off items" including "£6.1m in non-recurring costs, which includes settlement of litigations and contract termination costs".
"Due to...squad and infrastructure investment, the business incurred player amortisation and depreciation of £13.9m," he added. "This contributed to the overall net loss for the year of £0.9m."
The summer sales of Joe Aribo and Calvin Bassey and this season's participation in the Champions League will be reflected in next year's accounts.
Malky Thomson's women's team are top of SWPL1 and through to next month's SWPL Cup final while Giovanni van Bronckhorst's men's team are seven points off Scottish Premiership leaders Celtic and have reached January's League Cup semi-finals.
"The past year has provided many highs and lows, along with challenges both on and off the park, but ultimately, I believe we are continuing to grow stronger as a club," explained Park.
"We are pleased that in the last 12 months, we have achieved two club-record sales through our player recruitment and player development processes."
'Solid, not spectacular results' - analysis
Kieran Maguire, author of The Price of Football
These are solid results, they're not spectacular. They reflect record revenues but also record wages on the back of the success in getting to the Europa League final.
They are in a continued position of trying to pay down some of the debts to reorganise the finances. The board clearly want the club to be sustainable.
There's been modest investment in the transfer market. For the first time in many years I think Rangers are starting to replicate the Celtic model of trying to sell players to generate additional funds.
The cash flow position is looking far more credible than it has for many years. They've had to use either shareholder or director loans as a form of finance. They're in a much stronger position now.
The aim is to effectively try to set the club free from either internal or external finance and they're almost there.
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