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European run boosts Rangers finances



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Published Date: 20 February 2008
RANGERS have reported profits of more £3 million as a result of their involvement in the Champions League this season.
The club narrowly narrowly failed to qualify for the last 16 of the tournament and are hoping for an extended run in the UEFA Cup by overcoming Panathinaikos tomorrow night.

But meetings with Barcelona, Lyon and Stuttgart in the group stages of Europe's elite club competition have already had a positive impact on the club's finances.

Interim results for the six months to 31 December 2007 show an increase of £3.8million in profit before interest and tax to £3.1million. Figures for 2006 showed a loss of £0.7million.

The results also demonstrated a £10million uplift in turnover to £33.1million, while retained profit increased by £3.8million to £2.3million.

Rangers chairman Sir David Murray said: "We are pleased to see the club return a profit in excess of £3million and a significant uplift in turnover.

"Participation in the UEFA Champions League was, of course, highly beneficial to the club.

"It is very important to pay tribute to the commitment made by our supporters in the last six months.

"They travelled extensively in Europe at considerable cost and, at the same time, ensured excellent attendances at Ibrox and at away domestic fixtures. We are very grateful for this continuing support.

"While playing in the Champions League was important to the club, it is also essential for us to continue investment throughout the business in order to deliver long-term stability and success."

Murray added: "These results are satisfying in that they reflect the progress the club is making both on and off the pitch.

"We invested significantly in our playing squad at the start of the season and, as we are leading the SPL and have qualified for the CIS Cup final, that investment has been fully justified and we are very satisfied with the performance of the team to date.

"It is also particularly pleasing to see the Murray Park investment producing returns, both in footballing success for our younger players and in the progression of home grown talent to the first team."

More on this story in Thursday's Scotsman

The full article contains 368 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 20 February 2008 3:27 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Rangers FC , David Murray
 
1

tomislav,

serbian loyal rsc 20/02/2008 16:03:28
even more pleasing because I understand that it reduced the celtic profit by us getting this money, you could maybe even say, celtic are helping to finance the Rangers, which is an honour for them and the should be grateful
2

Patrick O'Shaunnessy,

20/02/2008 16:10:44
This will come as good news to Rangers fans...albeit few will accept that this is part of a recovery job after Sir Minty almost pulled the whole thing down.
3

,

20/02/2008 16:25:56
Comment Removed By Administrator
Reason:
4

Hugh Hefner .,

20/02/2008 16:28:45
Without the sale of Mutton, that would be a loss of 5 million. Cant quite work out if thats Dodgy Accounting records or a Dodgy Memory. Mighjt be the fault of a dodgy reporter who just wouldnt ask the tough questions or write anything dodgy about "Muzz".

This smells dodgy!
5

GERSBEAR1,

SOMEWHERE 20/02/2008 16:29:40
I see its not taking to long for the DHIMS so post there normal trash.
WAIL WAIL
FAIL FAIL
NS
WATP
6

Hugh Hefner .,

20/02/2008 16:29:44
6 - Ah wait, Celtic have a big game tonight - hmm...timings a bit dodgy, don't you think?

Sad,
isn't it!
7

Hugh Hefner .,

London 20/02/2008 16:31:41
IBS
DSS
A&E
YATP, Oh yeah!
8

Hugh Hefner .,

20/02/2008 16:33:57
Sir Dodgalot looks constipated in that photo!
9

GERSBEAR1,

SOMEWHERE 20/02/2008 16:38:49
Hugh Hefner .,
20/02/2008 16:29:44
6 - Ah wait, Celtic have a big game tonight - hmm...timings a bit dodgy, don't you think?

Sad,
isn't it!

ONLY IN YOUR SAD DHIM MIND:)))))))
SAD SO YOU ARE:)
COME ON BARCA:)))))))))))))
WAIL WAIL FAIL FAIL
NS
WATP
10

Lothian Unionist,

20/02/2008 16:39:44
Hugh Hefner,

What an ignorant and sick individual you are, your comment about Sir David Murray's wheelchair is unecessary and merely highlights your intelligence.

With regards to Rangers making a loss of £5M without the sale of Hutton, perhaps if you thought for a second you would realise that this figure will not appear until 2008's figures are announced. Therefore your SIMPLE wee calculation has backfired on you and renders your opinion on this matter useless.

Why not worry about your own team instead of your clear obsession with all things Rangers.
11

Hugh Hefner .,

20/02/2008 16:40:41
It highlights that I'm intelligent!

How?
12

Hugh Hefner .,

20/02/2008 16:41:31
See you losers later!
13

Wooly_Lad,

20/02/2008 16:41:37
#7 has your other account been banned that why ur using a ne Identity? ;-)
14

Keyboard supporter,

20/02/2008 16:42:25
#4 - Hugh Hefner - Without the sale of Mutton, that would be a loss of 5 million.

Er No - Hutton signed for spurs at end of January when accounts are upto 31st December so the only thing that smells dodgy is your counting.
15

Lothian Unionist,

20/02/2008 16:43:26
HH,

Your pea brain probably doesn't register irony either then?
16

Wooly_Lad,

20/02/2008 16:43:49
#12 totally argree with you on that, Good profit shown by both clubs while both continually invest in their playing staff.
17

Keyboard supporter,

20/02/2008 16:44:22
Hugh hefner - stereotypically thick dhim - they just can't help it!
18

Hugh Hefner .,

20/02/2008 16:49:18
21`- "You're quick off the mark Brian, I cant deny you that!" said Hugh, in retort that was dripping in sarcasm.

From Hugh riles the h*ns, part 2
19

paulmac,

surrey 20/02/2008 17:02:39
What a miserable looking b*****d he is.....

I guess that's what Rangers does to a person!
20

Hugh Hefner .,

20/02/2008 17:03:53
He's got big worries on his mind - jail for one!
21

Hugh Hefner .,

20/02/2008 17:05:41
23 Id say posts 6, 10, 11, 12, 16 & 17 were evidence that I have done just that!
22

Rouleur,

On ma bike 20/02/2008 17:10:09
Paul/Hugh,

You may make jibes about our Chairman being fiscally corrupt, however still a better state of affairs than your Chairman who is morally corrupt.

PS Hef, I see you are on your third life...I wonder how long it will be for HH.,,,, to appear
23

Rouleur,

On ma bike 20/02/2008 17:12:50
Oh yeah and nice to see Rangers making a nice little profit and the Hutton funds are still to be taken into account. The 'blue' shoots of recovery are there to be seen. Compare 2007 to 2008 and things are looking good.
24

Kirrie Tim,

20/02/2008 17:13:23
Well done Sir David, another fabulous performance under intense scrutiny from the media. Good luck in the UEFA plate tomorrow btw.
25

Justin Thyme,

In The Shrubbery 20/02/2008 17:15:47
The responses from the Celtic fans to this story are no worse than the Rangers fans' responses to the announcement of the Celtic FC financial figures on this forum last week. If you give it out you should be prepared to take it!
26

PR,

Dublin 18 20/02/2008 17:16:32
Typical Murray spin and attempt to steal the headlines on the day of a big Celtic story.

Why weren't these figures realeased prior to the end of the Transfer window?

Or closer to the release of Celtic's (superior) y/e figures?

Are Rsngers fans brainwashed by this phoney or just plain stupid?
27

Pat the Hat,

Baile atha Cliath 20/02/2008 17:19:33
Poor, poor set of figures that show Rangers in inexorable decline behind Celtic. No mention of their debt other than that the interest payment on it has increased by 30pc-plus! Does that mean the debt has increased by 30pc-plus. I think we should be told! lol!

The Mint, aided and abetted by the laptop loyal, can spin his wheels to his heart's content but, with Celtic's T/O for the period on course to be £43m-plus from what I hear, it shows clearly just which is the bigger club.

And given that Celtic's T/O for last season was some £20m ahead of Rangers for the year before – both were in the CL during those seasons so the figures are comparable – and was just £4.5m behind Rangers last year, a year in which we didn't have ANY European football at all, I think it's game, set and match.

So, squeal away, bears – you are railing against the light!
28

Will,

20/02/2008 17:20:26
I also note that interest payments on debt rose from 505k to 826k, a rise of 63%. Is it therefor fair to assume that the debt of December 2006 has risen by 63%?

If I were a Rangers Fan I'd be worried about what is not being said in this interim report.
29

geo67,

20/02/2008 17:21:37
Have you gone off to the match,HH,or are you busy drinking your buckfast?
There were a few reports on the same story,but you only read one,,,and believed it all?
silly bhoy
30

PR,

Dublin 18 20/02/2008 17:21:47
What happened to Murray's £800 million plan to transform Ibrox into the Nou Camp of the North?

Only another £797 million to find!!
31

PR,

Dublin 18 20/02/2008 17:25:26
#34

No. But David Murray seems to given the outrageous amount of propoganda (see above) that he feels the need to release to the media on a regular basis.

32

BEMUSED EXILE,

20/02/2008 17:25:32
Come on lads, leave Hugh alone. A little "ring rustiness" is to be expected after such a long sabbatical from the daily jousting of the threads.

Celtic's recently announced turnover for the same 6-month period was £42.4 million, with a profit of £10.1 million. Rangers figures are £33.1 million and £3.1 million.

Interestingly, if you bring these figures up to date with the Hutton (and possibly Cousin) transfers, it would edge Rangers in front, although the CFC income from the Barca games will probably just about level it again.

The relevant point, though, is that the underlying "gap" is probably not of the magnitude that CFC fans would have us believe.
33

Pat the Hat,

Baile atha Cliath 20/02/2008 17:27:19
Out of interest, oh bears of little brain, Roddy Forsyth wrote an interesting piece in an Irish Sunday newspaper this week in which he said Celtic's growth was due to it being seen to be a confident part of the worldwide popularity of Irish culture while Rangers were tied to the dying ideologies of unionism and loyalism, much as The Mint would like to extricate himself from them. Thoughts?

AA Milne CSC
34

Nairobi,

20/02/2008 17:28:22
Here's an interesting piece from a more honest site a week or two back :

----------

Most businesses have the odd anomalous regulation and football is no different. A case in point is the balance sheet valuation, or non-valuation, to be more precise, of players developed through a club’s youth system.


Let me give you an example, Celtic bought Barry Robson from Dundee United for a total fee in the region of £1m, while loaning Jim O’Brian to United for a nominal fee.


These transactions will have very little impact on the Celtic accounts for this season, as Rosbson’s fee will be amortised to the profit and loss account evenly over the period of his contract. Celtic paid no money for O’Brian, so accounting rules state that they must show the player’s registration as having zero value on the books.


Technically, however, Celtic and Dundee United were free to set whatever value they wanted on the two transactions. If Celtic asked for £1m to loan O’Brian and United asked for £2m for the transfer of Robson, the same amount of money would have changed hands between the clubs, but Celtic would immediately have £1m more on their balance sheet for a player previously valued at zero, although over time, the amortised change for Robson would be greater.


This did not happen, of course, but take a look at what has been going on over the city this season. Rangers spent the best part of £8m in the summer and then sold a player for £8m who came through the Ibrox youth system, and so had a zero value in the accounts.


That £8m spend will have a small impact on the Rangers account this season, as it will be amortised to the P&L over the period of the player’s contract, but the £8m sale goes straight onto their balance sheet. Rangers net spend is close to zero, but their year-end accounts will be in the region of £6m better.


There is a lesson from this; if you need a short term financial fix, buying and selling players in equal measure can add millions o
35

Nairobi,

20/02/2008 17:31:47
(cont,d)
There is a lesson from this; if you need a short term financial fix, buying and selling players in equal measure can add millions of pounds to the book value of your football club, remember, though, short term fixes need to paid for in the long term.

------------------

I hope that makes things a little clearer.

C'mon The Hoops !

36

Nairobi,

20/02/2008 17:35:58
Pat

Do you have link to that article in the Irish Sunday newspaper?

I would like to read that. Sounds very interesting.
37

Patrick O'Shaunnessy,

20/02/2008 17:45:54
Irish culture is celebrated throughout the world...it is only in the UK, particularly Scotland, wher any problems occur.
All the US Presidents get in on the act on aint Patrick's Day, which brings NYC to a standstill.

Somehow I can't imagine that fundamentalist Scottish Presbyterianism with a twist of anti-catholicism would enjoy the same global appeal.
38

Fatima Skinnyda,

Here 20/02/2008 17:48:55
#40

'if you bring these figures up to date with the Hutton (and possibly Cousin) transfers, it would edge Rangers in front'

The figures are as at 31/12/07 so you can't include revenue outside of this period. And who's to say that Celtic won't make sales of a similar value? However, in terms of debt the gap is huge!
39

Pat the Hat,

Baile atha Cliath 20/02/2008 17:49:26
I'm loath to pit my wits against a financial genius like Darkside Horse, No.38, but the reason Rangers' figures don't include "gross retail sales" is because the Mint sold them two years ago to try to make THAT year's figures look good.

No doubt when he sells Ipox and rents it back to you, you will be saying, "ah but oor figures don't huvtae include maintenance furra stadium so therr…" lol!

You just don't get it, do you? He's taking the weewee and you are one of the dumplings who haven't twigged. From the occasional Folgenise Folgensie threads I see quoted on Celtic messageboards, many of your fellow Thread Bears saw through Murray a long time ago but cannot get the thickos – 90pc of you, I would guess – to see it.

Forget T/O – check P&L. There's no respite for you there. Neigh!!!

40

Patrick O'Shaunnessy,

20/02/2008 17:53:49
Now Brian had you said a dozen Dublin Bay oysters , or mabey two dozen, you would be closer to the mark.
41

The Truth Hurts,

20/02/2008 17:55:31
#45

Minty has only become reclusive since his ridiculus fiver and tenners remark has been shoved up his bottom by the slick, well managed machine that is Celtic Plc.

If minty knew of these interim profits, why did he not try to galvanise rangers position at the top of the SPL by strengthening the squad during the transfer window. Instead, he spent the entire month forcing their form player out the door! Everything this man does seems dodgy! And that spiralling debt!...
42

Nairobi,

20/02/2008 17:55:45
No apology due, Brian.

I took the article from CQN... it seemed quite apt.
43

Pat the Hat,

Baile atha Cliath 20/02/2008 17:57:51
Nairobi 46 – Sorry, mhate, his column was in the Irish Mail on Sunday, which is not on-line, as far as I know. It was written in the context of Celtic's continuing to pull away financiall from the Thread Bears but, as usual, most of them can't see it and those who can won't admit it!
44

Pat the Hat,

Baile atha Cliath 20/02/2008 18:04:51
That's it from me, lads. I'm away to prepare for the tie of the round tonight, the clash of Celtic Glasgow versus Barcelona. Mouthwatering, isn't it?

Be back tomorrow, win or lose! Night all.
45

Nairobi,

20/02/2008 18:08:26
Thanks anyway, Pat.

And what you say is very true. Rangers' fans denial with regard to their financial predicament is truly unbelievable.

Hail Hail !
46

ninenro,

Glasgow 20/02/2008 19:38:22
Dont be fooled into the are our figures as good as yours rubbish.This is only made an issue for the Celtic minded to try and score cheap points.Rangers are Scotlands Premier club always have been and always will be.More money ,more fans ,more trophies!!!!
47

Fayneant,

NZ 20/02/2008 20:02:24
Proof once again that the financial fortunes of Scottish clubs are inextricably linked to participation in the CL. It's no wonder that it's proving hard to attract big money into the game when the outcome is dependent on one or two fixtures early in the season when the team is still in the early stages of gelling.
Smith was not wrong when he said that Rangers' biggest pressure games this season were the CL qualifiers. These financials are a major improvement, but if they hadn't qualified for the CL, the news would have been very different.
48

Barnacle Bill,

20/02/2008 20:27:21
#49 PO

I'm going to have to rise to the bait. Are you sure that all the American presidents attend this parade in NYC? If they do, does this still show "global appeal"? Also, if all American presidents attend this are they all equally respected by you?

I'd also point out that there is an annual Tartan Day celebration held in Washington, attended by the president regularly, strongly supported by a great number of Senators and Congressmen and women. This has also been attended by the Moderator of the General Assembly of the Church of Scotland on numerous occasions. A recent Moderator was recently invited to address the Senate and open proceedings with a prayer. This does not appear to show a lack of appeal for Scottish Presbyterianism. Mind you, I am unsure of your definition of fundamentalist Scottish Presbyterianism.
49

Barnacle Bill,

20/02/2008 20:29:31
Sounds like some game, by the way.
50

THE BPRENTICE,

20/02/2008 20:45:53
I'm surprise there is any profit left after all the sectarian fines - shame on you - you know who you are!!
51

Hunky Dorey,

Glasgow belongs to the SUPER CELTS! 20/02/2008 20:52:46
# 61 " More money, more fans, more trophies" I want some of what you have been drinking. "More trophies" Haaaaaaaa Haaaaaaaa Haaaaaaaaa Heeeeee Heeeeeeee Heeeeeeeee Remember the 25th of May 1967. Yes! thats one trophy you will never win. Champions of Europe! The Super Celts. Present score at the home of Super football! CELTIC 2 Barcelona 1 Weeeeeaaarrrrappeeeeepil
52

GERSBEAR1,

20/02/2008 21:41:31
#66 WROTE:More money, more fans, more trophies" I want some of what you have been drinking. "More trophies" Haaaaaaaa Haaaaaaaa Haaaaaaaaa Heeeeee Heeeeeeee Heeeeeeeee Remember the 25th of May 1967. Yes! thats one trophy you will never win. Champions of Europe! The Super Celts. Present score at the home of Super football! CELTIC 2 Barcelona 1 Weeeeeaaarrrrappeeeeepil

ARE YOU LAUGHING NOW?????????????????????????????
FT SEPTIC 2 V 3 BARCA ROFLMAO:))))))))))))))))))
CAPTAIN MCMANUS PLAYED A CRACKER LOL LOL
53

ninenro,

Glasgow 20/02/2008 21:49:09
66
Yet again you couldnt match the Mighty Rangers!!
And yes I am laughing now !!!!!
Men against boys could have been double figures!!
Laughable!
54

spider pig,

20/02/2008 21:50:27
Excellent hunky but a little premature..
55

ProudnPatrioticScot,

20/02/2008 22:15:04
Sadly Scottish football is out of its depth in the last 16 of the Champions League
56

spider pig,

20/02/2008 22:24:55
70: shame but true...so are our Irish teams.
57

Boyne Bhoy,

20/02/2008 22:33:49
Ho hum, individual mistakes, beaten by Barca, no shame as far as I can see. Still actually managed to actually score which is the aim in footie after all. Not sure about the 'we would have more money if we had more seats' argument-1-why don't you build them? 2 If you build them will you fill them? Nah probably not. You may be the peepul but you just ain't Loyal enough. Sorry on my high (White) horse again.

Good luck tomorrow btw-want you to get Bremen next round-will do our turnover a whole heap of good when the Green White and Orange (good) Hun go shopping!
58

G...,

Scotland 20/02/2008 22:59:56
An interesting article at number 42.. written from a celtic slant, to essentially get a subtle dig...

Its fundamentally flawed when its talking about setting the transfer fees at what they want as long as the 1m difference is there, as i'm sure certain fees are percentage based..ie does a small X% of a transfer fee not go to a SPFA ? as well as contract terms based on % value, ie sell on clauses if hypothetically Inverness had a 5% clause on Barry Robson when they sold to united..

As for the sign-off line about short term fixes having to be paid in the long run..thats exactly why robson was signed for 1m, and not the 2M vs 1M loan scenario.. ie You pay tax on those meaningless short term profits, so why bother..Desmond and Murray didn't becoming multi-millionaires by beign daft with cash!



 

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