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Careful With The Use Of The 'A' Word

02 Oct 2013 23:32:55

Careful With The Use Of The 'A' Word

The financial director at Rangers doubled his salary thanks to his bonus. The fans will be hopping he deserves such a pay deal

Rangers finance director Brian Stockbridge has come to the defence of the recently released finance figures for the club. The accounts showed Rangers had £11.2million, which included £4.5million of 2013-14 season ticket sales, on June 30 despite raising £22million in a share issue last December and operating losses of £14.4million for a 13-month period. Stockbridge that while the the club will need further investment to complete their rise to the top of Scottish football there is no need to raise cash just to keep the Scottish League One club going after they announced. However, Stockbridge is confident that next year will show far better financial results following cuts and the end of certain non-recurring expenditure.He said: "It's not possible that the club is going to into administration. The club is financially secure. We have got cash in the bank, we have no debt, we have got a clean audit report. As we go forward, of course there will be investment required to move the club forward as we go through the divisions and up. But we are not in financial distress, we don't need to raise cash at the moment."Stockbridge, who received a £400,000 pay package over the period, about half of which was a bonus, outlined the scenarios where Rangers would need to look for fresh investment. He said: "If we have a significant project, say to redevelop Edmiston House, or there are significant business opportunities that come by that require investment, then of course it's prudent for us to do that. But we are not in a position where we are having to raise money to continue to operate the club. Any investment is going to be raised to move the club significantly further forward, and of course, as we go forward and up the divisions, there will need to be investment in the playing side as well. That is recognised and accepted."

Source: ScottishFitba


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