Rangers chairman John McClelland has announced that the club plan to reduce their debt by £20m over the next couple of years.
Despite enjoying great success on the pitch over the past couple of seasons, the Rangers chairman was expected to face some awkward questions from shareholders concerned that the club's debts have risen to around £68m - the highest figure in the club's history.
However, the Ibrox club confirmed that turnover has risen by almost £5m and operating losses have decreased by almost £10m, with McClelland pointing out that the club's finances were now moving in the right direction.
As a result, shareholders were informed that the club no longer needs to sell before it can operate in the transfer market. |