Rangers post a loss of £14m

Rangers fans

Scottish side Rangers has announced their latest accounts for the period ending in 30th June 2013 which showed an operating loss of £14m.

In an official statement published in the club’s site Chief Executive Craig Mather insisted that the clubs finances were on track despite the loss.

“In presenting my first annual report as Chief Executive, I am delighted to state that substantial progress is being made in rebuilding Rangers. The club is in a very different place to where we were in May 2012. Then, the situation was traumatic and the future uncertain,” he said.

“Now, we enjoy financial stability and have a solid platform from where we can focus all our efforts on achieving success as one of football’s great clubs. In the last year, key milestones have been passed successfully. The first team squad has strengthened considerably,” he added.

The club is currently in a rebuilding process after being dropped to the lower league. Mather added that the club has a healthy bank balance and thanked the fans for their enormous success.