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Rangers confirm £18m losses in 13 months, including £470K pay-offs to Craig Mather and Brian Stockbridge

The Rangers Football Club Ltd, the company set up by Charles Green as Sevco Scotland when his consortium bought the assets of the liquidation-bound Ibrox club, has announced losses of £18.1million in the 13 months up to June 30, 2013.

Rangers International Football Club plc, the parent company of the club, had previously announced losses of £14.4million for the same period.

The accounts, which were lodged at Companies House, show the club owes the parent company £16.1million.

But that sum will not be recalled for the foreseeable future.

Much of the information in the document was previously known through the plc accounts. Turnover was £17.7million and staff costs were £17.6million, about 10 per cent of which was paid to directors.

The accounts also reveal that severance pay totalling £468,000 had been paid to directors who had left the club since June 30, namely Craig Mather and Brian Stockbridge.

The plc last month announced a loss of £3.7million in the second half of 2013 and that, at the turn of the year it had just £3.5million left of the £22million raised when it was floated on the stock market 13 months earlier.

The directors of the two companies are the same except for Sandy Easdale, who only sits on the club board and not the plc.

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