Sunday 19 November 2017

Rangers to reach the 'very top' by 2022

The Ibrox Stadium, in Glasgow, home of Rangers FC
The Ibrox Stadium, in Glasgow, home of Rangers FC

Rangers have set a target of 2022 to progress to the "very top" in an interim report which revealed they must pay Newcastle £500,000 if they are promoted this season.

The Scottish Championship club have reported losses of £2.6million for the final six months of 2014, although the accounts have not been officially audited.

Previous auditor Deloitte was not replaced by the old board in a sign of what interim chairman Paul Murray described as "staggering mismanagement".

The recently-appointed board face an ongoing struggle to avoid being de-listed from the London Stock Exchange as they are still searching for a nominated advisor, but they have promised a medium to long-term funding solution to the club's financial problems is imminent.

Murray and fellow directors John Gilligan, Douglas Park and John Bennett were appointed following a shareholder vote on March 6, which was sparked by Dave King, whose appointment as chairman is dependent on approval from the football authorities, and possibly stock exchange authorities too.

And Murray claimed they needed more time to sort out the club's finances and contractual obligations, with two examples standing out in the accounts.

Rangers will have to pay a bonus to Mike Ashley's Newcastle if they are promoted this season as part of the deal that saw five players move to Ibrox on loan on the final day of the winter transfer window, without having medicals.

Only one of the players, Haris Vuckic, has been fit enough to play regularly and only one other has featured - Remie Streete managed 43 minutes before limping off during a William Hill Scottish Cup defeat by Raith Rovers.

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