There will now be an annual general meeting on October 24.
What are the headline figures?
Rangers made an operating loss of £14 million on a turnover of £19.1m. Rangers raised a total of £35.2m in finance, £22m of which was from last December's Initial Public Offering of shares. As of June, there was £11.2m left in the bank, which included £4.5m of season ticket renewal income. Operating expenses were £33.6m, with £13.3m attributed to "other operating charges", and staff costs of £17.9m, with £7.8m representing the wages of the playing staff.
What do these tell us about Rangers' financial position?
It has been a loss-making business and there is very little margin for error in the coming 12 months, since there are no credit facilities. An upturn in revenue is projected, and operating expenses have been reduced, but the £11.2m in the bank will be required for running costs unless there is a significant change to the business model. Having raised funds through a share issue, and banked revenues principally from season ticket sales, sponsorship and retail, the decision to maintain the infrastructure of a top flight club has prevented Rangers from building up cash reserves for their eventual return to the Scottish Premiership.
What has happened to the money raised in the Initial Public Offering of shares?
In effect, it has been spent, even though the share prospectus said the money would not be used for working capital. Property assets have been purchased in Edmiston House (£800,000) and the Albion car park (£1.6m). A further £2.2m was invested in stadium improvements, such as improving advertising hoardings and the large screens.
Will Rangers need additional investment?
The business has been signed off as a going concern, meaning the directors and the auditors are confident it will meet its requirements over the next 12 months. But more money will be needed for the football operation.
Are these accounts likely to quell the recent fan protests against the directors?
Some opinions are entrenched, but some supporters remain undecided. The figures do not make for good reading and the board room machinations of the past 12 months have undermined confidence. The shares money was supposed to fund the regrowth of Rangers, but has, in effect, simply sustained the operation of the club.