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King says greed now in past as Rangers slash losses

By Gavin McCafferty

Rangers cut their operating loss to £500,000 for the final six months of last year.

The loss was down from £4.6million from the same period of 2014.

Revenue was £11million, up by almost £2million despite the loss of £1.3million revenue from renting Ibrox out for the Commonwealth Games rugby sevens and Scotland's European Qualifier against Georgia. Ticket and hospitality revenue was up by £3.3million.

Rangers said a £2.2million drop in operating expenses was "mainly a result of a reduction of staff and legal costs incurred by the previous regime".

The club had secured £9.25million of interest-free loans from shareholders by the end of December with more funds committed since then.

Chairman Dave King, who swept to power with allies a year ago, said in a statement: "We have, for the first time in a number of years, a solid, stable board and we are more financially secure following years of reckless decisions and spending.

"The pursuit of personal interest and greed is now a thing of the past."

Meanwhile, King has called on Sports Direct to renegotiate its retail contracts with the club, to avoid potential legal action.

The South African-based businessman recently staved off the sportswear firm's High Court bid to have him jailed for allegedly breaching a confidentiality clause relating to the contracts.

King revealed legal tactics would be presented to the board later this month but added: "It remains possible that the seemingly inevitable lengthy and costly litigation can be avoided.

"There is a far better alternative if Sports Direct recognises that the present arrangements are not working for either party and agrees to renegotiate the present arrangements to create the win-win situation that should have been reflected in the original agreements if Rangers had an effective negotiating team at that time.

"It would be an immediate boost for Rangers if the board can be put into a position to endorse a revised deal prior to the launch of new kit for the coming season.

"It would be great to see our supporters once again being able to wear kit at games while being certain that their purchases will benefit the club and the team."

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