18 Feb 2010Rangers report boost in profits

Football Clubs News | Football Finance News

Rangers have posted an operating profit of £13.1 million for the first half of the financial year, despite the monetary problems still dogging the club.

Buoyed by the Glasgow side's qualification for the UEFA Champions League, turnover at Ibrox increased by £17.7 million to reach £37.8 million for the six months to December 2009.

However, Rangers' debts are believed to stand at about £31 million and David Murray is yet to find a willing buyer for his majority shareholding.

Chairman Alastair Johnston said that he was "very pleased" with the club's latest financial results.

He told BBC Scotland: "The club has to recover financially before we can progress. We are well on our way to doing that."

However, Rangers' assistant manager Ally McCoist admitted yesterday (February 17th) that he fears the club's debt burden could lead to the running down of assets at Ibrox.

Rangers are currently ten points clear of Celtic at the top of the Scottish Premier League and travel to St Johnstone on Saturday.

Written by Mark Thompson

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