Rangers have announced in their interim report for the period ending December 2014 a loss of £2.6 million and that they will pay £500,000 to Newcastle United if they achieve promotion.
Interim chairman Paul Murray has outlined a seven-year plan where he says Rangers “will be back to the top” by 2022 and stressed that “a massive rebuild is required at every level”.
Murray described the results for this period as “disappointing” though he does believe that there is positive support for a forthcoming share issue in the summer of 2015.
Revenue was £0.1m down on the same period last year at around £13 million but gate receipts and hospitality had fallen, offset by a boost in broadcasting.
Rangers’ operating costs were down nearly £1m to £15.7m for the same time last year. This was helped by a reduction in costs in the retail business by £0.4m and staff costs by £0.3m.
The club announced that £1.3m was made by hosting the Rugby Sevens at the Commonwealth Games and Scotland vs Georgia match last year.
Murray said: “These results are historical and relate to a period before the new Board took office. I wish to draw shareholders’ attention to the fact that these interim results have been reviewed by Jeffreys Henry LLP.
“I have been informed by Deloitte, the existing auditor, that they informed the previous Board of their intention to resign following the June 2014 audit. The previous Board chose not to announce this nor did they find a replacement for Deloitte.
“With limited time to have these results reviewed the Board asked Jeffreys Henry to perform the exercise as Independent Reporting Accountants, not auditors.
“They have previously carried out work for the club and therefore know the finance functions well. The Board will make a further announcement on this subject once we have found a replacement firm for Deloitte.
“The new Board’s focus is on the future. We are in the process of developing a business and funding plan which will help us rebuild the Club and ensure it enjoys football and commercial success in the future.
“We will work closely with our shareholders, supporters and other stakeholders to achieve our vision of building a modern football Club founded on our traditional values and standards. The recovery process will take time but if we work closely together we are confident of success.”