Rangers back in the black but concerned over European future

Rangers turned a huge loss into a profit to reduce their debt by £4m in the last financial year but the board have warned of further cuts ahead amid the Scottish game's declining status in Europe.

The club's total debt stood at £27.1m on 30 June this year after some stringent measures produced a profit of £4.2m following a deficit of almost £13m in the previous 12 months. The improved results were achieved despite the club laying off £8m in historic transfers – manager Walter Smith was unable to buy a player during the period.

Participation in the Champions League group stages after a year's absence saw their turnover soar by 42 per cent to £56.3m. Rangers have again qualified automatically for the Champions League following their second successive Scottish Premier League triumph, but Scotland's falling coefficient means the Scottish champions face a qualifying campaign next season.

The Rangers chairman, Alastair Johnston, said: "Scottish clubs may not have as much in the future because of the coefficient issue. That's not to say we don't anticipate going through qualifying rounds and still joining the big party. But the impact of the Champions League on the figures are quite obvious.

"For last year and this year we'll be doing just fine, beyond that we probably need to cut our coat to suit the cloth. What it means as far as we're concerned at the club and the board level is to look at what the opportunities are for Rangers.

"But there are certain things I think that Uefa should do and need to address for the benefit of football across Europe in all countries. I think there is a growing sense that the differential between the haves and the have-nots is not healthy for the game in general."

Chief executive Martin Bain echoed those words of caution regarding the Champions League income. He added: "The development of media rights will become increasingly important and we are committed to exploring ways in which we can maximise growth in this area and exercise greater control over our earning potential.

"We will, however, continue to work closely with all football authorities, government and relevant organisations to explore opportunities which would benefit not only the club and its operations but Scottish football as a whole.

"As part of the club's active role within the European Club Association, dialogue with Uefa will continue in recognising the growing issue of larger clubs participating in smaller domestic leagues."

Rangers have begun moves to increase their media revenue by investing heavily in their online television channel after the demise of Setanta saw the club's broadcasting income fall by £1.4m to £3.8m.

Season-ticket sales dropped but remain just over 40,000 while the wage bill was cut by £2.5m to leave it as 50 per cent of turnover.

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Life and Style
A still from a scene cut from The Interview showing North Korean leader Kim Jong-un's death.
tech
Voices
'That's the legal bit done. Now on to the ceremony!'
voicesThe fight for marriage equality isn't over yet, says Siobhan Fenton
Life and Style
Approaching sale shopping in a smart way means that you’ll get the most out of your money
life + styleSales shopping tips and tricks from the experts
Arts and Entertainment
Bianca Miller and Katie Bulmer-Cooke are scrutinised by Lord Sugar's aide Nick Hewer on The Apprentice final
tvBut Bianca Miller has taken on board his comments over pricing
News
in picturesWounded and mangy husky puppy rescued from dump
News
newsAstonishing moment a kangaroo takes down a drone
Life and Style
Duchess of Cambridge standswith officials outside of the former wartime spy centre in Bletchley Park
tech
News
people
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Surrounded by high-rise flats is a little house filled with Lebanon’s history - clocks, rifles, frogmen’s uniforms and colonial helmets

Clocks, rifles, swords, frogmen’s uniforms

Surrounded by high-rise flats is a little house filled with Lebanon’s history
Return to Gaza: Four months on, the wounds left by Israel's bombardment have not yet healed

Four months after the bombardment, Gaza’s wounds are yet to heal

Kim Sengupta is reunited with a man whose plight mirrors the suffering of the Palestinian people
Gastric surgery: Is it really the answer to the UK's obesity epidemic?

Is gastric surgery really the answer to the UK's obesity epidemic?

Critics argue that it’s crazy to operate on healthy people just to stop them eating
Homeless Veterans appeal: Christmas charity auction Part 2 - now LIVE

Homeless Veterans appeal: Christmas charity auction

Bid on original art, or trips of a lifetime to Africa or the 'Corrie' set, and help Homeless Veterans
Pantomime rings the changes to welcome autistic theatre-goers

Autism-friendly theatre

Pantomime leads the pack in quest to welcome all
The week Hollywood got scared and had to grow up a bit

The week Hollywood got scared and had to grow up a bit

Sony suffered a chorus of disapproval after it withdrew 'The Interview', but it's not too late for it to take a stand, says Joan Smith
From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?

Panto dames: before and after

From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?
Thirties murder mystery novel is surprise runaway Christmas hit

Thirties murder mystery novel is surprise runaway Christmas hit

Booksellers say readers are turning away from dark modern thrillers and back to the golden age of crime writing
Anne-Marie Huby: 'Charities deserve the best,' says founder of JustGiving

Anne-Marie Huby: 'Charities deserve the best'

Ten million of us have used the JustGiving website to donate to good causes. Its co-founder says that being dynamic is as important as being kind
The botanist who hunts for giant trees at Kew Gardens

The man who hunts giants

A Kew Gardens botanist has found 25 new large tree species - and he's sure there are more out there
The 12 ways of Christmas: Spare a thought for those who will be working to keep others safe during the festive season

The 12 ways of Christmas

We speak to a dozen people who will be working to keep others safe, happy and healthy over the holidays
Birdwatching men have a lot in common with their feathered friends, new study shows

The male exhibits strange behaviour

A new study shows that birdwatching men have a lot in common with their feathered friends...
Diaries of Evelyn Waugh, Virginia Woolf and Noël Coward reveal how they coped with the December blues

Famous diaries: Christmas week in history

Noël Coward parties into the night, Alan Clark bemoans the cost of servants, Evelyn Waugh ponders his drinking…
From noble to narky, the fall of the open letter

From noble to narky, the fall of the open letter

The great tradition of St Paul and Zola reached its nadir with a hungry worker's rant to Russell Brand, says DJ Taylor
A Christmas ghost story by Alison Moore: A prodigal daughter has a breakthrough

A Christmas ghost story by Alison Moore

The story was published earlier this month in 'Poor Souls' Light: Seven Curious Tales'