European run boosts Rangers finances

Published on Wednesday 20 February 2008 15:21

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