Rangers count cost of Kaunas defeat as profit turns to loss

bad news day for ibrox club – financial woes, a uefa fine and england say no

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Rangers yesterday suffered a devastating double blow with the release of a depressing set of financial results and the rejection of a proposal to allow the Old Firm to move to England.

But the Ibrox club escaped major punishment by Uefa for crowd trouble in Bucharest last week.

The cash-strapped Light blues, who are looking for a buyer, posted their financial results which showed net debt had increased by around £10million to £31.1million.

Despite winning the Premier League, the Scottish Cup and reaching the final of the League Cup, the club showed a loss for the year of £12.7million, against a £7.2million profit for the previous year.

Turnover, up to June 30, 2009, decreased by £24.8million to £39.7million which contributed to the massive swing in profits of around £20million.

Rangers chief executive Martin Bain claimed defeat by FBK Kaunas in the qualifying stages of the Champions League, which eliminated Rangers from Europe altogether, was primarily to blame for the club’s poor financial performance.

New Rangers chairman Alastair Johnston reiterated the costly effects of the defeat by Kaunas.

He said: “In broad terms, the failure of the club to participate in the Champions League last season and the recession had the most significant impact on the club’s financial performance.”

As Rangers revealed their financial woes, albeit via figures which were expected, one potential lifeline was almost simultaneously withdrawn when English Premier League clubs overwhelmingly rejected a plan to allow Celtic and Rangers to join the top flight across the border.

A proposed overhaul of the current English Premier League set-up, the brainchild of Bolton chairman Phil Gartside, would have seen the Glasgow clubs invited in to an English Premier League 2.

However, the idea was categorically rejected as neither “desirable or viable”.

Premier League chief executive Richard Scudamore was clear as to the decision when he said: “The clubs discussed this and, as far as Celtic and Rangers are concerned, it’s a non-starter.

“The clubs constitutionally voted to say we are not going to take this any further.

“We have made a clear and unequivocal statement. No means no. Celtic and Rangers are not coming in.”

In what compounded a day of misery for Rangers, Uefa’s control and disciplinary body fined the SPL champions £18,000 and ordered them to pay the cost of the damage to the stadium infrastructure at the Steaua Stadium.

The order follows the disturbances in Bucharest last week when visiting supporters clashed with stewards during the Champions League match against Unirea Urziceni.

Bain claimed the trouble was triggered by poor organisation at the Steaua Stadium and over-zealous policing.

Uefa has suggested it will take Rangers’ previous conduct into account when deciding whether to take any action.

The Light Blues were fined £13,300 for supporters’ discriminatory chanting and £9,000 for attacking their opponents’ team bus at an away game to Villarreal in 2006.

The following year, they were fined £8,280 on an improper conduct charge for behaviour at an away Uefa Cup tie against Osasuna.

Unirea were fined £7,000 for their lack of organisation of the match.