Rangers fans have lauded the club’s board of directors after financial details were released in the annual report on Friday night [Rangers.co.uk].
The impact of the global health crisis has made this an unprecedentedly difficult year for businesses around the globe and the Gers are no exception.
The club made an operating loss of £15.9 million for the financial year up to June, which was an increase of £4.3m on last year’s losses.
It’s forecasted that the club will require a further £8.8m in funding by the end of the current season and £23.2m in total by the end of the 2021/22 campaign.
However, revenue increased by close to £6m, due, in part, to the club’s excellent Europa League performances, while chairman Douglas Park confirmed that he and John Bennett (director) will continue to provide substantial loans to cover shortcomings.
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In his lengthy report, Park took the opportunity to praise the Rangers fans for their unwavering support during tough times.
“This is a club which has experienced some of the darkest days that any football club can endure,” said Park [Rangers.co.uk]. “This is a club which has repeatedly displayed remarkable resilience in the face of adversity and which will do so yet again.”
“Amidst the current economic storm, the Rangers support has again stood tall. I am never more proud than when I see Rangers raise the bar. To once more sell-out season tickets and corporate hospitality is quite astonishing, particularly when it was largely accepted that many games could be played behind closed doors.”
“COVID-19 has brought with it the severest of strains to all of our business and personal lives. As we can see from the plight of a number of clubs throughout Europe, football is facing some very serious challenges. Indeed, playing matches behind closed doors is likely to adversely impact the club by in excess of £10m in the current season. Yet I am confident in your Board and our employees to face these challenges with the backing of our magnificent loyal supporters.”
In response, supporters have praised Park and co. for their willingness to effectively guarantee the club’s future by covering shortfalls.
There’s an acceptance that such substantial annual losses aren’t sustainable in the long run, but with the squad now packed full of valuable players and results improving on the pitch, there’s a sense that the club is on the right path in the short-term.
Here’s a selection of reactions from Twitter:
https://twitter.com/bobmcphail/status/1329929190616002560