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Good and bad news in Rangers accounts

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The latest accounts from Rangers for the six months to December 31st contain both good and bad news. On the postive side, the operating loss was down by £800,000, largely reflecting the fact that costs were down £1 million.  Revenue was stable at £13m, reflecting the fact that the alienated fans who had decided to stay away had already gone.

However, interim chairman Paul Murray emphasised that there had been 'staggering mismanagement' of the club in recent years.  This is emphasised by the fact that the club's accountants have found it necessary to warn that it may not be able to continue as a going concern.

Working capital is the immediate need to ensure that the club survives.   A further blow is that the club may have to pay £500,000 to Mike Ashley for players loaned from Newcastle United in the January transfer window.