REG-Rangers Football Club Plc: Final Results

THE RANGERS FOOTBALL CLUB PLC TODAY ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE
YEAR ENDED 30 JUNE 2009

Highlights

* Winners of the Clydesdale Bank Premier League

* Winners of the Homecoming Scottish Cup

* Runners up in the Co-operative Insurance Cup

* Exit from Europe in Champions League qualifying round

* 49 games in the season (2008 - 68)

* Turnover of £39.7m (2008 - £64.5m), a decrease of £24.8m

* Net operating expenses decreased by £8.6m to £48.2m (2008 - £56.8m)

* Gain on disposal of player registrations £6.2m (2008 - £7.7m)

* Loss for the year of £12.7m (2008 - profit of £7.2m)

* Additions to player registrations of £11.8m (2008 - £18.0m)

* Net debt of £31.1m (2008 - £21.6m)

Chairman's Statement

It was a great honour for me to be invited earlier this season to become
Chairman of Rangers Football Club and it is my privilege to present the Annual
Report for the year ended 30 June 2009.

It is only right that in introducing the report I pay tribute to my
predecessor, Sir David Murray. David and I have been friends for 20 years and I
am sure I speak for Rangers fans around the world in saluting his achievements
with the Club, both as Chairman and majority shareholder.

When David bought Rangers he brought with him his outstanding business acumen
and a deep commitment to the Club that endured throughout his 20 years as
Chairman. Many clubs would dearly like to have had someone such as David as
Chairman and he richly deserves his place in Rangers history.

I am delighted to welcome Donald Muir and Mike McGill to the Board of Rangers.
At the same time, I would like to acknowledge the resignation of Donald Wilson
and to thank him for his many contributions towards the progress of the Club
during his service as a Director.

As a recently appointed Chairman, I give an assurance to all Rangers supporters
that I will do everything I can to ensure that success is delivered both on and
off the pitch. I am pleased to present a report that reflects the 2008/09
season where we regained the SPL title, won the Homecoming Scottish Cup and
returned to the UEFA Champions League.

Walter Smith, Ally McCoist, Kenny McDowall and the entire playing squad are to
be warmly congratulated for their efforts and our top priority is to repeat
that success this season.

In terms of financial performance, the Club has operated in the most
challenging economic climate for many years. Turnover, due to the absence of
European progression, reduced from the record high of last year of £64.5m to £
39.7m. The lack of European competition resulted in a decrease of £10.9m in
commercial revenues, whilst the 19 game reduction in the number of matches
played in all competitions produced a £13.0m decline in ticketing, hospitality,
events and catering income.

Net operating expenses decreased by £8.6m to £48.2m, reflecting the reduced
costs of non-progression in European competition, including player incentives,
in comparison to last year. Clearly costs at this level cannot be sustained
without Champions League income. Amortisation of player contracts amounted to £
8.8m following the £11.8m additions in the year. The gain on disposal of player
registrations, primarily for Carlos Cuéllar and Daniel Cousin, of £6.2m
represents a reduction of £1.5m on the prior year and resulted in a loss after
tax of £12.7m.

The cash outflow in relation to the operational activities of the Club,
together with the net investment in the playing squad resulted in a £9.6m
increase in net debt to £31.1m at 30 June 2009.

Great demands are placed on Rangers supporters as a result of the numerous
competitions in which we participate, and this ongoing and enduring commitment
is appreciated. We also are mindful of the enormous loyalty shown to us from
corporate clients and sponsors.

Finally, by the time of the AGM, which is scheduled to take place on December
7, 2009, I will have been Chairman of the Club for just over three months. At
that time, I plan on personally delivering an address on the current financial
status of the Club, the activities in which the Board have been actively
involved during this period, and a prognosis as to the challenges that will be
encountered as the Directors and the Senior Management team attempt to navigate
Rangers Football Club during these very challenging times.

ALASTAIR JOHNSTON, Chairman

12 November 2009

Chief Executive's Report

In beginning my report on the past year, I would firstly like to turn my
attention to Sir David Murray and his tireless efforts on behalf of Rangers
over the past 20 years. During his time at the helm he has transformed the
outlook and ambition of the Club and invested heavily, both in terms of capital
and personal commitment.

The highlight of the season of course was the return of the league title to
Ibrox, and indeed May was a very special month for everyone associated with
Rangers. Not only did we secure our 52nd league title and participation in the
UEFA Champions League, but we found ourselves celebrating our 18th league and
cup double.

Domestic success and European participation are of paramount importance to the
Club and our ability to do so is inextricably linked to our financial
capability. The effects of the global downturn and indeed the changing
broadcast environment, which we now find ourselves in, have had a significant
impact on our financial position.

Last year, Rangers, along with Aberdeen FC and Celtic FC, implored the SPL
member clubs to reconsider voting in favour of the Setanta deal; unfortunately
the concerns we voiced regarding the future viability of Setanta have proven
justified. The recent collapse of Setanta and the subsequent completion of a
new deal with Sky and ESPN have made a significant impact on the Club's
finances both for this season and the foreseeable future. The Club stands to
lose a potential £12 million over the term of the contract.

The fact remains that the overall value of the SPL TV rights was seriously
diminished as a result of the initial acceptance of the Setanta deal and the
current deal no longer reflects the true value of Scottish football. TV
revenues have halved since the Setanta deal was first signed in June 2008.

Despite these factors and pressures, the Club continues to compete in the
global football market as one of the most recognised and successful brands.
This is achieved despite the lack of lucrative broadcasting revenues afforded
to other clubs worldwide.

In order to maintain this position I believe it will be necessary to explore
new revenue opportunities in the future, whether it involves discussion with
other football clubs in the continent facing similar challenges or with
football governing bodies. Whatever the route, environmental change becomes
more likely as the global football marketplace continues to evolve and mature.

The European and world football stages in which we currently participate have
changed considerably in the last decade and will continue to do so. Rangers
needs to adapt to retain our position at the top table and as a Club we have to
explore and evaluate all opportunities. To facilitate any such transitions, we
have to ensure that our infrastructure is maintained and in place ready to
capitalise on change.

This wider outlook does not however detract from the fact that we continue to
compete in the Scottish Premier League and remain respectful of our fellow
competitors. We will continue to be active within that league through the
relevant channels such as the SPL Board and will strive to influence decisions
for positive change.

FOOTBALL BUSINESS

To achieve success on the football pitch whilst working within financial
parameters, our primary focus for the current squad must be the integration of
young players into our squad of seasoned professionals.

The young players who have either been nurtured through our own Youth Academy
or those we have acquired, such as Naismith, Lafferty, Fleck and Little, are
now beginning to contribute to success on the pitch.

The infrastructure of Scottish Football is an ongoing debate and we continue to
influence policy where we can by ensuring the Club is represented on SFA and
SPL committees from youth to first team level. Our active involvement with the
European Club Association and our own Director John McClelland's role as a
Senior Vice President is key to our influence in the European scene.

TICKETING

The groundbreaking family initiative introduced at the start of the 2008/09
season proved to be more timely and relevant than we expected. Despite the
economic downturn, season ticket sales surpassed all expectations, reaching a
record number of full price season tickets and 43,107 in total. The focus on
encouraging young fans to attend games and our customer relations management
policy led to an increase in both juvenile season tickets and match ticket
sales, and overall the number of unsold tickets fell by 45%.

The family focused strategy received positive feedback from various stakeholder
groups and also received the Clydesdale Bank Premier League's `Best Fan
Marketing Initiative' award.

The ticketing strategy has enabled us to freeze all season ticket and match
ticket prices. Early indications regarding season ticket sales for the current
season are encouraging although the economic climate is likely to have an
impact on ticket sales overall.

We are committed to the ongoing development of our ticketing strategy to ensure
we protect our revenues and fan base for the future whilst continuing to serve
the needs of our supporter base. This is achieved not only through ongoing
research and analysis into other clubs, leagues and industries, but also
through working more closely with fans through our supporter ticket working
group, where supporters have the opportunity to influence key ticketing
policies.

HOSPITALITY & CATERING

In what has been widely recognised as a difficult time for the hospitality
industry as a whole, our continued commitment to customer and facility
standards saw our average SPL occupancy reach just over 90%. This was achieved
through a combination of maintaining our seasonal core business and high levels
of package purchases, which were introduced to reflect the changing complexion
of this industry. Hospitality income for the year reached £4.5m.

Our innovative approach to catering and our focus on delivering an unrivalled
service saw us secure the Clydesdale Bank Premier League award for `Best
Matchday Hospitality Package' for the second consecutive season.

Our key products within the hospitality portfolio continued to sell out
including The Chairman's Club, The Carling Lounge and The Members' Club - which
celebrates 10 sell-out seasons in 2010.

That being said, we are now experiencing the expected downturn which is
prevalent across the entire hospitality industry and whilst sales are good for
this current season, they are down on last season. We understand the difficult
decisions that businesses now face and we therefore appreciate even more the
commitment that so many continue to demonstrate.

Our corporate events function performed well in Season 2008/09 despite the
financial pressures faced by the hospitality arena in general, and we continue
to review our events calendar to ensure continued product development and
variety in a difficult climate.

STADIUM

Following investment in a new pitch and an integrated digital perimeter and
scoreboard solution last year, the Board is currently evaluating a number of
proposals to further enhance the matchday experience for our fans.

MEDIA

The demise of Setanta earlier this year, and with it the Club's TV channel and
overseas Live service, whilst having a significant financial impact on the
Club, has at the same time been the catalyst for the development of Rangers own
pioneering digital media service.

The Club's strategy is to embrace new media and provide fans worldwide with
unique content across all platforms including satellite, online and mobile.

In keeping with the Club's innovative past we recently embarked on another
pioneering journey with the launch of our own internet TV station, RANGERSTV.tv
- a market-leading digital project in UK football. Exclusive in-house
programming content is being produced by the Club for Rangers fans in the UK
and overseas to enjoy. The station will combine the use of internet TV
programming alongside traditional web-based services to offer the ultimate
cross platform experience for fans.

Services include the high quality streaming of home matches and on-demand
streaming of domestic and European games which include dedicated pre-match,
half-time and post-match commentary. Rangers will produce dedicated news
magazine and feature programmes, while fans can also access an extensive
library of classic European, Old Firm and SPL action.

Our own dedicated TV studio at Ibrox provides on-site production, editing and
encoding facilities to produce a bank of content for distribution on all media
platforms.

This year Rangers will become the first UK club to launch its own official
internet browser, and our new mobile service allows the broadcast of full
matches via mobile phone.

This new range of services follows the highly successful relaunch of the Club's
official website - rangers.co.uk - earlier this year. Rangers has one of the
largest audiences in UK football with an average of over five million page
views per month and more than one million monthly visits.

Communication and digital media will become even more central to Rangers
commercial strategy over the next five years, and we are committed to
developing a multi-layered digital service. At the heart of this strategy is
media - particularly video - and the development of services and partnerships
that recognise and leverage the consumption of Rangers matches and player
videos on the internet.

RETAIL

The Club's partnership with JJB Sports plc continues to provide a guaranteed
and protected revenue stream.

However, the well documented problems experienced by JJB over the last year
have had a direct impact on Rangers merchandise availability and distribution.
The timing and availability of the 2009/10 home kit was a direct consequence of
this and the Club had to work with JJB to minimise the impact on the
availability of merchandise.

The Club and JJB are acutely aware that the distribution and range of products
is currently unsatisfactory and significant improvement is required in this
area. Steps have already been taken including the appointment of a dedicated
retail development manager, licensing consultant and greater fan involvement in
the decision making process.

As a priority, Rangers will continue to work closely with JJB on a strategy to
ensure wider distribution and range of product for supporters and greater sales
opportunities.

On a more positive note JJB now appear to be on a more solid footing with a
recent rights issue of £100 million which was oversubscribed. The Board has
been kept fully appraised by JJB throughout this period and we now look forward
to realising the potential of the partnership going forward.

SPONSORSHIP

Aligning the Club with committed and leading brands has been the focus of our
sponsorship strategy and this year has proved the most challenging to date.
However our portfolio of brands remains strong.

We are delighted that relationships with our existing partners including MBNA,
Ladbrokes, Scottish Leader Whisky, Coral, G4S and National Car Rental have been
continued, which is particularly reassuring at this time.

The acquisition of new business has been more testing than in previous seasons.
However, we are pleased that new partners have been introduced to the
sponsorship portfolio.

We were delighted to announce Shields Automotive, one of Scotland's most
successful motor retailers, as our official vehicle supplier and we look
forward to a prosperous and beneficial relationship.

Our highly successful partnership with Carling as the Club's main sponsor comes
to an end in June 2010, however, they have already stated a keen interest in
continuing their relationship with Rangers. The priority now is to secure a
shirt sponsor for Season 2010/11 and we are actively exploring options.

COMMUNITY

The Rangers Football in the Community Programme continues to grow. With over £1
million worth of project funding every year, 6,500 young people being reached
every week and attendances breaking the one million mark at the end of last
year, the Club operates one of the largest social responsibility programmes in
the UK. The success of these initiatives was recognised in 2008 when the
programme was awarded the coveted Merrill Lynch Big Tick Award for Education
and the CommunityMark by Business in the Community.

Through the Rangers Soccer Schools brand and network of events, the reach of
the Club is extensive. Rangers Soccer Schools now deliver a high quality
community coaching product that stretches all over Scotland, England, Northern
Ireland, USA, Canada and Australia, as well as places like Azerbaijan and
Trinidad & Tobago. In total, it attracts young players from over 20 different
countries every year who travel far and wide just to be part of the Rangers
Soccer Schools experience.

The community programme also delivers benefit in terms of talent development.
An average of 10 players per year go forward to the Rangers Youth Academy.

More recently, the community department has taken on the responsibility of
developing the Rangers girls and women's programme by establishing a girls only
football centre, the under 17's girls team and the Rangers ladies senior team.
Both teams have been very successful in their first seasons with the Rangers
ladies winning the First Division and both teams reaching the final of the
Scottish Cup at their respective age levels.

THE RANGERS CHARITY FOUNDATION

Thanks to sustained growth and development in fundraising, the Rangers Charity
Foundation was able in Season 2008/09 to double its direct cash support to
charity and as a result announced three exciting new partners, working for the
first time with international, national and community charity partners. The
Foundation pledged to raise £300,000 over three years for an education project
in India with UNICEF. National Partner RNIB Scotland received £50,000 towards
increasing the number of audio, Braille and large print books for Scotland's
blind and partially sighted children, and the Foundation funded £25,000 worth
of sporting equipment and courses for Fairbridge in Glasgow, to facilitate the
charity's work with some of the city's most vulnerable young people. The
Foundation also continued its work in the immediate community by donating over
£18,000 to grassroots community projects in the Govan and Craigton area.

OUTLOOK

There is no doubt the year ahead has many challenges for everyone connected
with Rangers Football Club to which we remain wholly committed.

MARTIN BAIN, Chief Executive

12 November 2009

Financial Highlights

The year under review was a challenging one in many respects. The early exit
from European competition in August 2008 was in stark contrast with the success
of the previous year in reaching the UEFA Cup final. The year ended on a
positive note, with the Club regaining the SPL title in the 2008/09 season.

Football, as we have seen recently, is not immune to the economic downturn.
Broadcasting rights, sponsorship agreements, corporate hospitality and
ticketing income have been affected by the state of the economy. We have
therefore to be aware of the implications for the Club and its financial and
fiscal obligations.

The achievement of winning the SPL and securing Champions League football in
2009/10 allows us to refocus on future objectives and the longer term
sustainability of the Club.

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. Season ticket
sales reached 43,107 following initiatives introduced last year and on the back
of the 2008 UEFA Cup progression, and are at encouraging levels for 2009/10
despite the current economic climate. Season ticket prices have again been
frozen for the 2009/10 season.

Despite difficult economic times for the corporate hospitality market, overall
occupancy levels for 2008/09 were maintained at reasonably healthy levels of
66% (2008 - 68%), with occupancy for SPL matches averaging 90% (2008 - 95%).

Sponsorship and advertising revenue decreased by £0.6m to £2.8m, due to the
lack of opportunity to repeat the European trackside advertising of last year,
and to the difficulty in maintaining sponsorship revenue in the current
economic climate.

Income from broadcasting rights reduced by £0.3m to £5.1m. This reflects the
lack of income from European competition compared to the prior year when we
negotiated our own TV rights for the UEFA Cup competition to the quarter final
stages. Setanta falling into administration at the end of the financial year
further compounded the position, affecting both the Club's TV channel and
revenue receivable through the SPL. The impact on profit of Setanta's demise in
the current year of £0.5m has been recognised within operating expenses to
reflect the reduced income receivable through the SPL. The total estimated
income of £16m from broadcasting and sponsorship rights generated through the
SPL in 2009/10 divided between the 12 participating clubs, should be compared
and contrasted against the £29.5m received by the bottom placed club in the
English Premier League in 2007/08.

Commercial revenue decreased by £10.9m to £5.6m primarily as a result of the
lack of progress in European competition. In the prior year income was received
as a result of our participation in the Champions League Group stages and
progression to the UEFA Cup final. Limited income was therefore received in the
current year due to our early exit from Europe.

The guaranteed net royalty receipts from JJB Sports plc of £3.0m together with
the annual amortisation of the £14.5m initial payment are included within the
commercial turnover figures.

Other operating income of £1.9m, principally comprising events and catering
sales, suffered from the reduced number of European trips and home games in
comparison to the prior year.

Net operating expenses decreased by £8.6m to £48.2m. Whilst the total reduction
of £3.7m in staff costs is favourable, the results, excluding the European
incentives incurred in 2008/09, show higher underlying player wage costs as a
result of the summer signings. Measures were introduced in the year to revise
the player bonus structure and the squad number has subsequently been trimmed,
but the costs at 77.2% (2008 - 53.3%) as a percentage of turnover, clearly
indicate that European overheads cannot be sustained without European income.
This area is further complicated by the lack of flexibility available on player
contracts.

Greater use of electronic communication, revised utility and service contracts
have contributed to improving efficiencies. These initiatives together with the
lower number of games and reduced costs relating to European competition
resulted in a £5.5m decrease in operating charges.

The resultant trading loss of £8.5m is a decrease of £16.1m on the profit of £
7.6m in the prior year and emphasises the importance of Champions League
football to the financial viability of the Club.

Player amortisation costs increased to £8.8m following the summer signings and
the subsequent increase in squad size. The gain on disposal of player
registrations of £6.2m is a reduction of £1.5m on the prior year, and includes
the sales of Carlos Cuéllar and Daniel Cousin. The loss on the termination of
discontinued operations of £0.6m represents a provision for additional costs
and time associated with the exit from shop leases, reflecting tougher than
anticipated market conditions.

Interest costs at £2.4m were £0.6m higher than the prior year due to the
increase in the average debt and costs associated with the sale of players, and
resulted in a loss before tax of £14.1m.

Taking account of a tax credit of £1.4m, arising as a result of Group relief,
the retained loss for the year to 30 June 2009 of £12.7m compares to a retained
profit of £7.2m for the previous year.

FIXED ASSETS

Capital expenditure in the year amounted to £0.6m to upgrade the fire alarm
systems and playing surface and in introducing electronic advertising boards.

The cost of player registrations in the year amounted to £11.8m (2008 - £
18.0m), including Pedro Mendes, Maurice Edu, Steven Davis and Madjid Bougherra.
These additions, together with payments relating to prior year transfers
resulted in a cash outflow of £15.7m (2008 - £10.6m). The cash inflow from
transfers in the year amounted to £15.0m (2008 - £3.9m), including the
outstanding balance in relation to Alan Hutton.

FUNDING

Net debt increased by £9.6m in the year to £31.1m, resulting in a debt to
equity (gearing) ratio of 47% (2008 - 27%), and headroom on existing facilities
of £8.9m.

The increase, as previously highlighted, is primarily due to the base cost of
the playing squad set against the lack of income from European football.

The effect of the economic downturn will result in the Board imposing greater
financial disciplines in moving forward to ensure the long term sustainability
of the Club. The income generated from the 2009/10 Champions League
participation, together with the downsizing of the playing squad should assist
in lowering our financial exposure despite the loss in income from the SPL
broadcasting rights.

The £15m revolving credit facility is in place for a period in excess of one
year to 31 December 2010. The term loan, repayable over 20 years, stands at £
20m following the scheduled repayments during the year. The current projections
and forecasts indicate that the Company should be able to operate within the
level of its current facilities.

The £15m swap arrangement entered into with the Bank of Scotland in March 2008
remains in place at a fixed rate of 4.67% until at least March 2011.

Audited Consolidated Profit & Loss Account
for the year ended 30 June 2009

2009 2008

£000 £000

Turnover 39,704 64,452

Net operating expenses (48,231) (56,817)
--------------------------------------------------------------------------------
Trading (loss)/profit (8,527) 7,635

Amortisation of player registrations (8,798) (6,994)
--------------------------------------------------------------------------------
Operating (loss)/profit (17,325) 641

Exceptional items:

Gain on disposal of player registrations 6,171 7,671

Loss on the termination of discontinued (579) -
operations
--------------------------------------------------------------------------------
(Loss)/profit before interest and taxation (11,733) 8,312

Interest payable (2,352) (1,745)
--------------------------------------------------------------------------------
(Loss)/profit on ordinary activities (14,085) 6,567
before taxation

Taxation 1,434 605
--------------------------------------------------------------------------------
(Loss)/profit for the year (12,651) 7,172
--------------------------------------------------------------------------------
Basic and diluted (loss)/earnings per (11.63)p 6.60p
share
--------------------------------------------------------------------------------

Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year.

For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Group has 1,200,000 of potential dilutive ordinary shares at 30
June 2009. As the current share price is below the option price, the basic and
diluted earnings per share is the same.

The Directors do not recommend the payment of a dividend.

Audited Consolidated Balance Sheet

as at 30 June 2009

2009 2008

£000 £000

FIXED ASSETS

Tangible Assets 121,307 123,397

Intangible Assets 20,934 20,694
--------------------------------------------------------------------------------
142,241 144,091
--------------------------------------------------------------------------------
CURRENT ASSETS

Stock 2 2

Debtors 6,400 13,918

Cash at bank and in hand 594 4,590
--------------------------------------------------------------------------------
6,996 18,510
--------------------------------------------------------------------------------
CREDITORS

Amounts falling due within one year (40,941) (35,953)
--------------------------------------------------------------------------------
NET CURRENT LIABILITIES (33,945) (17,443)
--------------------------------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 108,296 126,648

CREDITORS

Amounts falling due after more than one year (41,739) (47,440)
--------------------------------------------------------------------------------
NET ASSETS 66,557 79,208
--------------------------------------------------------------------------------
CAPITAL AND RESERVES

Called up share capital 10,879 10,879

Share premium account 120,973 120,973

Capital reserve 9,185 9,185

The Rangers Bond 7,736 7,736

Revaluation reserve 58,333 58,896

Profit & loss account (140,549) (128,461)
--------------------------------------------------------------------------------
SHAREHOLDERS' FUNDS 66,557 79,208
--------------------------------------------------------------------------------

Audited Consolidated Cash Flow Statement

for the year ended 30 June 2009
2009 2008

£000 £000

Reconciliation of Operating (Loss)/Profit to
Net Cash (Outflow)/Inflow from Operating
Activities

Operating (loss)/profit (17,325) 641

Depreciation 2,687 2,559

Amortisation of intangible fixed assets 8,850 7,046

Advance royalty release (1,450) (1,450)

Capital grant release (226) (226)
Gain on disposal of fixed assets - (29)

Decrease/(Increase) in debtors 1,409 (2,288)

Decrease in creditors (659) (1,133)

Outflow on termination of discontinued (565) (976)
operations

Equity-settled share based payments - 84
--------------------------------------------------------------------------------
Net cash (outflow)/inflow from operating (7,279) 4,228
activities
--------------------------------------------------------------------------------
Cash Flow Statement

Net cash (outflow)/inflow from operating (7,279) 4,228
activities

Returns on investments and servicing of finance (2,227) (1,590)

Taxation 1,770 224

Capital expenditure and financial investment (1,823) (7,929)
--------------------------------------------------------------------------------
Cash outflow before use of liquid resources and (9,559) (5,067)
financing

Financing (1,094) (1,366)
--------------------------------------------------------------------------------
Decrease in cash (10,653) (6,433)
--------------------------------------------------------------------------------
Reconciliation of net cash flow to movement in
net debt
--------------------------------------------------------------------------------
Decrease in cash (10,653) (6,433)

Decrease in debt 1,094 1,416
--------------------------------------------------------------------------------
Movement in net debt in the period (9,559) (5,017)

Net debt at 1 July 2008 (21,559) (16,542)
--------------------------------------------------------------------------------
Net debt at 30 June 2009 (31,118) (21,559)
--------------------------------------------------------------------------------

Note:

The financial information set out in the announcement does not constitute the
group's statutory accounts for the years ended 30 June 2009 or 2008. The
financial information for the year ended 30 June 2008 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237(2) or (3) of the
Companies Act 1985. The statutory accounts for the year ended 30 June 2009
will be finalised on the basis of the financial information presented by the
directors in this preliminary announcement and will be delivered to the
Registrar of Companies.

The Directors of The Rangers Football Club plc accept responsibility for this
announcement.

END