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BRIEF-Rangers FC completes business review of club operations
April 25, 2014 / 10:18 AM / 4 years ago

BRIEF-Rangers FC completes business review of club operations

April 25 (Reuters) - Rangers International Football Club Plc :

* Business review and strategic plan update

* Announces completion of a comprehensive business review of club operations

* Review found that Rangers was in a more severe financial condition

* Review process discovered issues in operating procedures, commercial contracts and strategy, all of which were more serious than anticipated.

* Cash position today requires careful monitoring but will improve with sale of season tickets, improved commercial relationships, planned injection of further capital and cost management initiatives identified by review

* Review has identified operational and organisational changes that need to be made

* Business practices have already been tightened and a rigorous examination of total spend has addressed outflow of cash

* Board has determined that over next three years it expects to raise between £20 million and £30 million to be invested in club

* Will consider most appropriate source of finance which may be available to club including equity and other sources

* At the current time, company is not in a position to carry out a significant equity fundraising Source text for Eikon: Further company coverage:

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