Rangers post £15.9m loss, with revenue up 11% to £59m
- Published
Rangers' run to the Europa League last 32 earned the club £20.7m
Rangers have announced a £15.9m loss up to 30 June, an increase of £4.3m from the previous year, amid the "economic storm" of the Covid-19 crisis.
The Scottish Premiership club say they need £23.2m in fresh funding by the end of next season, but chairman Douglas Park and director John Bennett will provide loans to cover the shortfall.
Revenue rose 11% to £59m, with £20.7m for reaching the Europa League last 16.
Park predicts the absence of fans will cost Rangers more than £10m this term.
A new kit deal with Castore and selling out the Glasgow club's season season-ticket allocation also helped to increase revenue.
But with supporters still barred from most stadiums across the country due to the pandemic, Rangers warned that financial uncertainty remains as they face up to months without matchday revenue streams.
"At the time of preparation, the forecast identified that the Group would require £8.8m by way of debt or equity funding by the end of season 2020-21 in order to meet its liabilities as they fall due with further funding of £14.4m required by the end of season 2021-22," the club's financial reported noted.
It adds that Park and Bennett have reached an agreement with the Ibrox board to "provide additional loan facilities as necessary to meet shortfalls".
Park - who replaced Dave King as chairman earlier this year - has attracted fresh investment in recent weeks, with Japan-based businessman Stuart Gibson ploughing £8m into the club last month.
Park said: "When I returned to Ibrox in March 2015, I advised my fellow shareholders and directors that I believed it could take us a decade to restore our beloved club to where it belonged, both on and off the field.
"I think we are in a somewhat better position today than I had envisaged but there is much work to do.
"The financial year under review is unlike any other, no matter the business or walk of life. The impact of Covid-19 will have far reaching consequences for our economy and society. Rangers is not immune to the severe effects of this unprecedented challenge.
"Our club continues to attract investment from across the world, and I believe this will grow further as our resurgence builds momentum."