Rangers Report Financial Losses

31 March 2015 09:34

Rangers have reported a loss of £2.6million - before "finance costs" - for the second half of last year.

The club have reported the figures to the London Stock Exchange, despite trading in their shares being suspended, and despite the club having no auditor.

Interim chairman Paul Murray revealed Deloitte had quit as auditors last year but the club had not announced the fact.

Murray and his fellow board members took over in March following a shareholder vote and are still trying to get to grips with the club's contractual obligations.

The figures show operating expenses of £16.1million and revenue of £13.1million, a sum hit by a significant drop in season ticket numbers, which were 24,589.

Murray said in a statement: "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."

Source: PA-WIRE