Rangers Suffered Losses Of £70 Million
Rangers have revealed losses of more than £ 70 million in the last two seasons, in which they are primarily spending time in the lower reaches of the Scottish league. A financial report stated that the club has spent almost every penny that has come through season-ticket sales and commercial revenues in the last two years. It has also stated that the club will need to raise up to £ 30 million through the sale of shares before 2017 if they are to compete at the same level in the Scottish Premier league.
Rangers have won back-to-back promotions and they are set to return to the Scottish Premier league much sooner than expected. However, the incredible success achieved under Ally McCoist during this period appears to have come at a major cost. Since the transfer embargo was lifted a few transfer windows ago, Rangers have been strengthening the squad significantly. It seems that the spending might have gone a little too high for their own benefit. McCoist, though, expressed his surprised at the amount of losses revealed.
The manager will be holding talks with the board in order to determine the transfer budget for the upcoming season in the championship. A supporters group has labelled this outcome as hugely disappointing.
“I’m hoping that the club moves forward but I was staggered at the losses. One or two people have wrongly questioned players coming in and money being spent. Just to put the record completely straight on that, we didn’t spend any money at all on the players, the budget came down, the wages in relation to turnover at the club is probably the envy of any club in world football. So although some of the money has gone on players’ wages, it is a very small fraction of where the money has gone,” said McCoist.Uncategorized