Club cuts losses
Rangers expecting further injection of cash
Chairman Dave King, said a number of investors had pledged support which will help build on progress made in the last year.
Mr King, who was appointed in May 2015, said: “The board and the executives have had to work extremely hard over the last year to deal with all of the issues that the club has faced.
“This effort must be repeated in the coming year as we continue to achieve our goals while strictly adhering to the strategies and disciplines that are necessary in what remains an extremely challenging operating environment.”
Manager Mark Warburton strengthened the squad on its return to the top flight after a four year absence.
Mr King said that delivering the board’s ambitions may require more investment required and he was confident about doing so.
““Further funding may be required during the 2017-18 season, the quantum of which is dependent on future football performance and European football participation,
“The board of directors has received undertakings from certain investors that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required.”
The club said the loss for the year to the end of June fell from £7.7 million to £3.3m on a a £6m rise in turnover to £22.2m.
Midfielder Joey Barton remains suspended following a training ground row in the wake of Rangers’ 5-1 loss to Celtic on 10 September.