Rangers debt soars

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The Glasgow giants released their annual financial report which showed their debt had increased by almost £10m for the 12 months up to June 30, 2009.

Despite winning the Clydesdale Bank Premier League, the Homecoming Scottish Cup and reaching the final of the Co-operative Insurance Cup, the club showed a loss for the year of £12.7m, against a £7.2million profit for the previous year.

The turnover for the club decreased by a massive £24.8million to £39.7million.

Martin Bain, chief executive, claimed defeat by FBK Kaunas in the qualifying stages of the Champions League, which eliminated Rangers from Europe altogether, was to blame for the dramatic decrease in income.

In a statement released to the stock exchange he said: "The early elimination from European competition together with the reduced number of games resulted in turnover decreasing to £39.7m from the record high of £64.5m achieved in 2007/08.

"In total 49 games were played in all competitions in 2008/09 as against 68 in the prior year.

"This had a detrimental impact on ticketing and hospitality income, whilst the commercial area of the business suffered due to the lack of income from UEFA for European participation.

"Ticketing and hospitality income decreased by £11.7m to £24.2m due to the reduced number of home games both in European and domestic cup competitions.

"Ticket sales bore the brunt of the decrease with only 22 home games played in 2008/09 in all competitions as against 32 in the prior year."