DAVE KING has been discussing Rangers’ financial results following this morning’s AGM at the Clyde Auditorium.
The Light Blues’ turnover rose significantly, while a loss of £11.3million was reported.
On that, King told RangersTV: “We have never worried about the quantum of the loss. The issue really was we had a gap between what we had on the football field and what was necessary to compete in Scotland and get back into Europe.
“We had to fund that gap and that funding came in chunks as it may have been a more expensive player, a less expensive player or a player which didn’t involve a transfer fee.
“Let’s not let the funding get in the way of the decision. Let’s make the best decision and then figure out the money thereafter.
“Whether we lost £11million, £20million or £25million, the main thing was, could I fund it and was it a sensible business decision? That is the way we have done this.
“I have got an almost inverted sense of pride about the extent to which we lost money – it doesn’t make sense as you shouldn’t be losing money – but I think we lost our money very, very well and very, very strategically.
“I think we spent it in the right areas and I think we have got, as I said in the AGM, an economic value on our balance sheet which is far in excess of what we are seeing in our financial statements.
“So that bodes very well going forward, even for player trading for example. So it puts the manager in a very, very strong position in terms of the value of the squad that he has.”
The Chairman was also asked about the club’s future being secure, after he announced his decision to leave his current role.
He continued: “Absolutely. I think it is the best it has been both financially and operationally since I got involved 20 years ago.
“When I first got involved, there was an executive team in place but I think we had £35-40million of bank debt.
“So if you look at it now, we have a strong management team who don’t have the debt burden to worry about, so I think we are in a really good place right now.”
And, asked if he had a message for the Rangers supporters, King added: “From the Rangers’ supporters’ point of view as I understand it, I think they have already got the fact that we are back and we are competing.
“So I think that aspect is there. My message which I tried to give today was to look at my five years and where I have come from to say to the supporters, that as I leave, I would like to think other than the Sports Direct thing which is a thorn in my side which I would like to have dealt with more effectively, other than that, I would like to think the supporters generally would believe I have met the commitments I said when I came in five years ago.
“So I would like to leave on the basis where people are comfortable I delivered on what I promised and committed to doing.”