Rangers post another multi-million pound loss - but do better times lie ahead?

Remember, the Ibrox club announced an operating loss of over £14 MILLION back in 2013 - just months after raising £22 MILLION at a share offering.

And last year that figure had fallen considerably - but the Glasgow giants still spent over £8 MILLION more than they had taken in.

So, losing £2.89 million after tax in the six months to December 31, 2014, could be considered, given what had gone before, progress of sorts.

Especially when you factor in that season ticket sales and attendances at home games have plummeted during the 2014/15 campaign.

Fans unhappy with the way their beloved club was being run - and with those who were occupying the boardroom especially - have stayed away in large numbers.

Crowd sizes in league matches at Ibrox dropped way below the 20,000 mark for the first time in nearly 30 years back in December.

Yet, since the old regime was ousted at an EGM called by major shareholder Dave King last month gates have risen significantly.

And the number of season books sold in the months ahead is sure to be greater, far, far greater, due to a renewed trust in the custodians of Rangers.

The fact a dozen first team players are out of contract at the end of this season will also alleviate the Govan club's ongoing financial difficulties significantly.

Many of those whose deals expire, the likes of Ian Black, Kyle Hutton and Lee McCulloch, agreed terms during Charles Green's c catastrophic tenure as chief executive in 2012.

Rangers have struggled to satisfy the exorbitant terms ever since and the nonsensical signing spree sanctioned by Craig Mather in 2013 exacerbated an already problematic situation.

If the players who are free agents are offered extensions - and in many cases that is a big if - they will not receive the same level of remuneration. Even if they are in the top flight.

So despite interim chairman Paul Murray describing the results as "disappointing" and bemoaning the "simply staggering mismanagement of the club in recent years" there are grounds for optimism.

The interim results released yesterday confirmed that Rangers had sold 24,589 season tickets - a drop of over 10,000 on the previous campaign - by the end of last year.

And Neil Patey, a partner with major accountancy firm EY, believes that is largely responsible for the £2.89 million loss that has been posted by the Ibrox club.

"I would say the interim results are as expected," he said. "The bottom line is that Rangers would have hoped to have benefitted from being in the SPFL Championship with Hearts and Hibs far more financially.

"That they didn't is down to the dissatisfaction of the supporters and the low level of season ticket sales.

"From here, it is clearly about getting fans back onside and buying season tickets at a level they were at previously. Getting back into the SPFL Premiership would also boost revenue."

However, things will not be altogether straightforward in the months and years ahead even though a more trustworthy board is in place and fans are gradually returning.

For instance, Patey warned that significant sums money would have to be spent in the near future upgrading Ibrox and Murray Park after years of neglect by previous regimes.

"Judging by the comments from the new board members, money will have to be used on the maintenance of facilities," he said. "Very little has been spent on capital expenditure.

"Paul Murray implied that Murray Park needs investment after two to three years of very little investment in his statement.

"That will catch up with the club. A £1.5 million loan has been agreed with 'The Three Bears' consortium. More will be needed in the short term."

"They have continued to monitor and cut costs as much as possible. But, looking at it from the outside, there can't be much left to cut in the cost base. There is not much fat left to trim."

Patey has revealed how the interim figures underline the extent of the League One champions' ongoing monetary issues when examined closely.

He said: "There was £3.3 million in the club accounts by December 31. But around £3.2 million of that was linked to the retail operation and wasn't freely available.

"Effectively, the club was down to its last £100,000 or £200,000. That emphasises the hand-to-mouth existence the club was living - and still is now.

"A £1.5 million loan has been agreed with 'The Three Bears' consortium. More money will be needed in the short term."

Rangers also banked £1.3 million from staging two major one-off events at Ibrox in the second half of 2014 - the rugby sevens event at the Commonwealth Games and the Scotland v Georgia Euro 2016 qualifier.

They are unlikely to receive similar cash injections going forward and will have to rely heavily on the goodwill of their supporters and the continued backing of wealthy benefactors.

The absence of a nominated advisor following the resignation of WH Ireland last month and the fit-and-proper person status of King are also issues which must be addressed.

Nothing is ever certain with Rangers. But the off-field unrest that has blighted the troubled Glasgow institution for years coming to an end should enable them to move forward on both the football and financial fronts.

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