rangers 2011 (cf - not published)

Annual Report 2011

www.rangers.co.uk

Contents

Chairman’s Statement 2

Manager’s Report 3

Chief Executive’s Report 4

Finance Director’s Report 9

Report of the Directors 11

Consolidated Profit & Loss Account 14

Balance Sheets 15

Consolidated Cash Flow Statement 16

Notes to the Accounts 17

Report of the Independent Auditor 34

Five Year Summary 35

3

Officials and Advisers

Chairman

C.T. Whyte

Chief Operating Officer

A. Russell

Director of Football

G. Smith

Non-Executive Directors

P. Betts

D.C. King

Secretary

G. Withey

Registered Office

Ibrox Stadium, Glasgow G51 2XD

Auditors

Grant Thornton UK LLP, C.A., 95 Bothwell Street, Glasgow G2 7JZ

Solicitors

Collyer Bristol LLP,

4 Bedford Row, London WC1R 4TF

Bankers

Lloyds Banking Group, The Mound, Edinburgh EH1 1YZ

Registrars

Computershare Investor Services PLC, Lochside House,

7 Lochside Avenue, Edinburgh Park, Edinburgh EH12 9DJ

Company Registration Number: SC004276

3

Chairman’s Statement

When I became the majority shareholder and Chairman of this great football Club in May this

year, the sense of honour and privilege I felt was overwhelming. Those feelings are stronger than

ever within me now as I present the Rangers Football Club Annual Report.

First, I would like to address what matters most to every Rangers fan - football. In recent years

the performance of the players and the football management team has been quite magnificent

and I would suggest their achievements rank among the Club’s greatest.

Three successive League titles, three out of the last four Scottish League Cups, plus two Scottish

Cups and a UEFA Cup Final appearance is extraordinary by any standard and set the seal on Walter

Smith’s outstanding second term as manager and a truly remarkable managerial career. Every

Rangers supporter owes him an enormous debt of gratitude.

Walter also left the Club in good hands and Ally McCoist, Kenny McDowall and Ian Durrant are

showing the same tremendous drive for success. All of us wish them - and the players - continuing

success this season.

In May, the Club entered a new era both on and off the pitch. Whilst this Annual Report covers

the 12-month period ending on 31 June 2011, it also affords us the opportunity to look forward.

I am the first to recognise the contribution that my predecessor as majority shareholder, Sir David

Murray, made to Rangers over 20 years. With any change in ownership, however, there will be a

change in approach and I firmly believe the changes I have implemented will be in the longer-

term interest of the Club, which must always come first.

We have a new Board. In addition, we have appointed a new Chief Operating Officer to drive the business forward and take advantage of emerging

opportunities and a Director of Football, whose role is to help Rangers maximise every opportunity to develop, attract and retain playing talent, as well

as ensure the Club engages productively with football authorities at domestic and international level.

Perhaps the biggest change that has been effected since the takeover in May has been the repayment of all bank borrowings. The Club is no longer

reliant on bank funding , nor does any bank control our operations on a daily basis.

I hope fans would share my view that, looking ahead, the Club should do everything to live within its means and operate on a commercially viable basis.

I firmly believe that is the only sustainable, long-term strategy for Rangers.

Performance on the field has a direct bearing on the Club’s business performance. Participation in the UEFA Champions’ League remains important

although increasingly difficult to achieve given the qualification process for the SPL champions.

During 2010/2011 we qualified for the UEFA Champions’ League and played in the Europa Cup. Turnover at £57.2m for 2010/11 was an overall increase

of £0.9m over the previous year. Gate receipts and hospitality sales increased overall by £1.3m to £27.1m, due to the extra Europa League games,

although there was an overall reduction in season ticket sales, hospitality sales and sponsorship revenue.

Net operating expenses increased by £3.6m to £47.5m reflecting increased salary levels, higher European fixture costs and operational cost increases across

the business. The retained profit for the year to 30 June 2011 amounted to £2.4m, an overall decrease of £1.8m on the previous year’s profit of £4.2m.

As this report goes to print, the Club remains embroiled in historical tax issues with Her Majesty’s Revenue and Customs, primarily the tax tribunal on

Employee Benefit Trusts. It has been a dark cloud hanging over the Club for far too long and any resolution must enable the Club to move forward.

Rangers has never been short of challenges in recent years and there is no question there are many challenges ahead for both the Club and Scottish

Football in general. However, I am certain that, as a Club, we can rise to these challenges and deliver success both on and off the pitch. That is what

Rangers is all about.

I would like to take this opportunity to thank all supporters who have offered me so much encouragement. Your support for the Club is inspirational

and I can only promise to ensure that the interests of Rangers and our fans will be at the heart of everything I do as Chairman.

CRAIG WHYTE, Chairman

23 November 2011

2

I am proud beyond words to be the Manager of Rangers Football Club. It is the opportunity of

a lifetime and I am determined to build on the success achieved in Season 2010/11 under

Walter Smith.

To win a Scottish Premier League Championship and League Cup double was truly remarkable and

a fitting way for Walter to leave following his hugely successful second spell at the Club.

Our form at the business end of last season was breathtaking and the League Cup Final victory

over Celtic at Hampden certainly galvanised the players - who showed grit, steel and

determination to go on and secure our record-breaking 54th League Championship.

Kenny McDowall, Ian Durrant and I have learned a tremendous amount by working under Walter

and rest assured the backroom team and playing staff are all working tirelessly in order to reward

the loyalty of our supporters with continued success.

Season 2011/12 is well underway and although we suffered disappointment in European

competition at the start of the campaign, we have enjoyed a solid start to the defence of the SPL

title. Winning the championship is the number one priority this season and with your backing I

am sure we can enjoy further success together.

Fans are the lifeblood of this great institution and on behalf of everyone at Rangers Football Club I would like to thank you for your continued and

loyal support.

ALISTAIR McCOIST, Manager

23 November 2011

Manager’s Report

5

INTRODUCTION

I am delighted to have joined Rangers Football Club as Chief Operating Officer and, whilst much

of this report reflects on last season before I was in post, I would also like to address some of our

plans for this season and beyond.

Rangers is an international brand with a world wide fanbase. The potential for growing the brand

is significant and we are examining all avenues to engage with supporters - present and future,

home and abroad.

We are currently progressing plans to develop the brand in India and plan to grow the Rangers brand

further in both North America and Australasia building upon the existing fanbase in these areas.

I am determined to bring success to Rangers across the business through building the brand

internationally and maximising all commercial opportunities within the Club.

Most recently, our social media strategy was developed to effectively increase fan engagement

and brand awareness. The strategy aims to extend the supporter base, with a specific focus on key

international markets, and improve brand image. The strategy encompasses several social

networks including Twitter, Facebook, LinkedIn, Flickr and Audioboo, and early successes include securing more than 200,000 ‘likes’ within the first

month of the Facebook launch.

Our new executive team has also started its direct engagement with fans and constructive meetings have already taken place with the Rangers

Supporters Assembly and other fans’ organisations.

We greatly value the work of supporters groups in tackling unacceptable behaviour among a minority of our fans and we will continue our joint efforts

to address the issues that have caused the Club difficulties in the past. We are actively engaged with all the relevant authorities to ensure that all

initiatives and the new Offensive Behaviour in Football Bill going through the Scottish Parliament are applied fairly across the board.

Rangers fans are at the heart of our great Club and we plan to work closely with them to realise its full potential.

TICKETING

Season 2010/2011 was challenging for the business however, once again, the Rangers fans showed unrivalled loyalty to the Club through their

continued support.

There was a further downturn in season ticket sales reflecting the economic climate and additional pressures on supporter finances but Rangers

continued to hold one of the highest season ticket capacity levels in the UK and to achieve respectable attendances throughout the season.

Furthermore Rangers were awarded the SPL Family Champions award recognising best practice in the Scottish Premier League in terms of improving

the matchday experience for families. This was part of our continued strategy to make football affordable for families and providing added value for

families and season ticket holders.

The ‘theming’ of matches saw a direct impact on the number of first time visitors to Ibrox and we continue this strategy in season 2011/12 and beyond.

Chief Operating Officer’s Report

4

Our strategy going forward continues to focus on protecting our ticketing revenues through added value for season ticket holders and attracting new

first time visitors to Ibrox, families in particular.

Rewarding fan loyalty and enhancing the live matchday experience will be key areas for the strategy.

SPONSORSHIP

In season 2010/11, we continued our relationships with leading brands including shirt sponsor Tennent’s and Lomond Audi, in addition to our wide

portfolio of partners. We are very grateful to all our sponsors for their commitment to Rangers FC.

Sponsorship in a tough economic climate presents a range of challenges for any business and Rangers is no exception. Part of our strategy is to seek

new opportunities internationally aligned to our overseas brand development, in order to generate incremental growth.

RANGERS MEDIA

Rangers Media is a key element of our strategy to build the commercial and brand value of the Club.

RangersTV, the Club’s pioneering internet TV station, continues to innovate introducing a three hour block of programming called ‘On Air’ . With over

100,000 video plays a month and 35,000 registered members, the service continues its successful growth.

Rangers TV also went into partnership with the North American Supporters Association streaming the live games for the local supporters clubs in North

America every week on Rangers TV.

The Club continues to work closely with the SPL to ensure the League strategy develops in tandem with that of Rangers FC and we were the first club

in the UK to be given the rights to broadcast an SPL game live on the internet.

We have also taken our publishing business back in-house, producing our own matchday programmes and magazines. Rangers News, our weekly news

publication, became Rangers Monthly – a high end monthly glossy magazine - and the new format has more than doubled the readership of the News.

Rangers is continuing to develop relationships with other broadcasters to bring Rangers TV to a wider audience and to grow the brand, both domestically

and overseas. For the first time in recent years, RangersTV broadcast a home friendly game in the UK live on ESPN during pre-season 2010/11.

The mobile strategy continues to develop with the launch of RangersRadio and RangersOnDemand on the iPhone and there are some exciting product

launches to come during the next 12 months.

We are also pleased to announce that this season will see the return of the big screens at Ibrox which are planned for installation in the very near future.

RETAIL

Following a challenging period of change for JJB Sports, the company now has new appointments in place to allow the relationship to gain renewed focus.

The key areas of focus and improvement are overseas distribution, kit design and supply, expansion of the Rangers product range and its distribution

and a co-promotional approach.

Working with fans is another area we continue to see as a priority and this is demonstrated by the highly successful 10/11 home kit which was a joint

collaboration between the Club, the fans and JJB.

7

HOÏSPITALITY

The current economic climate has had a significant impact on hospitality sales with seasonal sales down by 10%. Our average SPL game occupancy

was 73% last season, a decrease of 13% on Season 2009/10.

Drawing Manchester United in the group stage of the Champions League allowed us to capitalise on this fixture offering additional hospitality off-site

which boosted European income. Further Europa League matches also made a positive contribution to European income.

Meeting Celtic in both the Scottish Cup and League Cup Final helped boost income from domestic Cup matches.

These additional glamour ties helped recover the deficit from seasonal income with overall hospitality income for the season reaching £4.3M, £100K

up on Season 2009/10.

Going forward, the refurbishment of the fast food concourse outlets is progressing well with the Govan Stand now complete and we are confident of

completing the remaining refurbishment by the end of this season.

G51 DEVELOPMENT

The Club has resumed engagement with Glasgow City Council and other agencies regarding all opportunities to regenerate and improve the area

surrounding Ibrox Stadium prior to the 2014 Commonwealth Games.

These discussions have been productive and the Club is actively pursuing all avenues to develop and improve the G51 site.

COMMUNITY

The award winning Rangers in the Community Programme enters its 11th season; the Club can again reflect on a highly successful year of making a

difference to people's lives, developing talented footballers and expanding the reach and influence worldwide.

The Rangers Soccer Schools brand continues to extend the reach of the Club to the doorsteps of fans old and new worldwide. This season alone has

seen our coaching staff work with players from over 20 different countries with significant impact in the USA and Canada as well as emerging territories

like Australia and New Zealand. Indeed the recent Rangers International Youth Tournament (now entering its 5th Year) hosted over 1,200 players in a

weekend of highly competitive football with teams from around the world including Germany, Canada and the United States.

Domestically, thousands of children every week participate in activities delivered by our excellent coaching staff, including over 600 who participate

for free in our Street Football initiatives throughout Glasgow. Through these initiatives, we have a steady flow of young players identified to enter our

youth academy at Murray Park.

6

THE RANGERS CHARITY FOUNDATION

The Rangers Charity Foundation continues to be a significant force for good and an ambassador for the Club’s values in the local community, nationally

and internationally.

A growth in the range of fundraising activities and in the number of supporters undertaking personal challenges as part of the True Blue Heroes scheme,

plus the development of our communication channels, has allowed the Foundation to flourish despite the challenging economic climate.

The Foundation is nearing the end of its groundbreaking three year partnership with International Charity Partner UNICEF, the world’s leading children’s

organisation, and is set to reach its target of £300,000. Work is well underway to reconstruct and equip seven vital health centres funded by the

Foundation that will reach 125,000 children and their families in Togo, West Africa, and the Foundation is looking forward to continuing its relationship

with UNICEF in the future.

Closer to home, the Prostate Cancer Charity, the Foundation’s National Partner for season 2010/11, reached new audiences with their life-saving

message and expanded their helpline and awareness-raising activities thanks to the Foundation’s donation of £25,000 and Community Partner, St

Andrew’s First Aid, purchased a mobile first aid post for the people of Glasgow as a result of their £11,500 donation from the Foundation.

Hundreds of other charitable causes also benefit from in-kind support from the Foundation and all these affirmative, life-changing projects have been

possible thanks to the generosity and support of Rangers fans and everyone connected with Rangers Football Club.

40th ANNIVERSARY of the IBROX DISASTER

The Club was honoured to commemorate the 40th Anniversary of the Ibrox Disaster with a special memorial service on the 3rd of January 2011. Family

and friends of those who lost their lives were joined at Ibrox by representatives of Rangers and Celtic, the emergency services, dignitaries, politicians

and thousands of fans who all came to pay their respects.

We would like to thank all those who participated in the service and other tributes and the fans who lost their lives will never be forgotten.

OUTLOOK

The Club continues to operate in challenging economic times but there is a clear strategy for growth and we are committed to success both on and off

the pitch.

ALI RUSSELL, Chief Operating Officer

23 November 2011

Chief Operating Officer’s Report (continued)

Director of Football’s Report

GENERAL

2010/11 was a remarkable season in the Club’s history. The passion and never say die attitude

demonstrated by players, staff and supporters during last season epitomised the characteristics of

Walter Smith – a true Rangers man who led the Club to great success.

Walter left behind a management team who gained enormous experience from working under

him and a team of footballers who are now accustomed to winning and the achievements of the

new management team and players so far this season is hugely encouraging.

FOOTBALL BUSINESS

The strategy will continue to be combining shrewd player acquisitions with the development of

home grown talent through our Academy. Player trading and long term planning has become

increasingly important to every football club. Generating finance from player movement which

allows re-investment in the playing squad to maintain a successful Championship winning side

is the key objective. Securing key players such as Allan McGregor, Steven Davis and Steven

Whittaker on long term contracts allied to the recruitment of talent such as Lee Wallace, Carlos

Bocanegra, Alejandro Bedoya, Dorin Goian, Matt McKay and Juan Manuel Ortiz is a key part of this strategy.

Our new Manager, Ally McCoist has put in place a key component of this strategy by investing in our scouting and recruitment department which has

resulted in the appointment of former players Neil Murray and John Brown in addition to further investment in the latest database and video technology.

Paramount to this strategy is the continued successful integration of young players from our Academy.

There has been much debate in Scottish football regarding structures over the last season. The Club was part of the SPL Strategy Review Group and

were disappointed that there was not sufficient support from the other SPL clubs to vote through the recommendations of this Group. However we will

continue to work closely with and will remain at the forefront of discussions with the SFA and SPL in order to ensure that any future restructuring is of

benefit to Scottish football as a whole as well as protecting the interests of Rangers.

YOUTH POLICY AND STRATEGY

A continued frustration for all associated with the Club is the belief that we are not producing enough young players from our Academy at Murray Park.

We firmly believe that Rangers have a productive Academy and this has been demonstrated again in the last year with the promotion and contribution

of some of our young players. Last season, Academy players Jamie Ness, Gregg Wylde, John Fleck, Kyle Hutton, Daren Cole, Jordan McMillan and Andrew

Little all contributed to a successful campaign. Already this season, Ross Perry and Kane Hemmings have made their first-team debuts.

It is easy for clubs to blood young players when success is not demanded. However, these young players came into a team and contributed to

Championship and League Cup success as well as positive Champions League and Europa League performances.

98

We are, however, determined not to rest on our laurels regarding youth development and we are continually looking to improve our development

systems for both scouting and coaching. We have our own ideas on what is good player development but we will also monitor other systems being

practised at European Academies renowned for producing talent and, where suitable, introduce them to our own Academy programmes and strategy in

order to remain innovative in our approach.

This will become increasingly important as the changing nature of domestic and European wide legislation, relating to compensation and registration,

make it increasingly difficult for the club to recruit the best young talent in Scotland and beyond. The Club will remain at the forefront of debate and

discourse with governing bodies to influence the direction of such legislation but in the interim will require to be creative in our attempts to remain

market leader and continue the flow of players to the 1st team squad.

The Club is rightly proud of the achievements at Murray Park and will continue to develop talented young footballers, both male and female, with the

help of the coaching staff we have at the training ground.

Our Rangers Girls and Ladies programme had another successful year in 2010/11. Our investment in providing these young players with the best

coaching expertise and a world class coaching environment in Murray Park has resulted in the Under 17 youth team winning an International

Tournament, retaining the League Cup for the last 3 years and developing 7 international players.

On the boys' side of the game, there is a steady flow of 10 players every season identified by the Community coaches who enter the Youth Academy,

which is testament to the high quality of coaching young people receive.

There is much to be proud of at Murray Park, the facility is producing top players and there is a bright future ahead at the club.

GORDON SMITH, Director of Football

23 November 2011

1110

Operating Financial Review

The Group’s turnover at £57.2m was an overall increase of £0.9m over the previous year. Gate receipts and hospitality sales increased overall by £1.3m

to £27.1m due to the additional games in the Europa Cup and the incremental revenue generated from the two fixtures against Celtic in the Scottish

Cup. This was offset by reduced revenue from season tickets and overall attendances at SPL fixtures, confirming the difficult trading foreseen in last

season’s report with the number of season tickets reducing by 2,388 to 37,918. Measures are in place to negate any further degradation of season ticket

numbers and attendances, with early indications being that these have so far been successful. In total 57 matches were played in all competitions in

season 2010/11 as against 54 in the prior year. Hospitality sales were also directly impacted by the difficult economic conditions, with seasonal

occupancy levels dropping to 46% (2010 - 56%) and occupancy for SPL matches averaging 73% (2010 - 86%).

Income from sponsorship and advertising decreased by 24% to £2.2m reflecting overall difficult trading conditions and commencement of the new three

year sponsorship deal with Tennent’s on terms which are reduced from those of our previous sponsor. Broadcast Rights at £3.7m were approximately

the same as the previous year in overall terms. Revenue received from the SPL as winners of the Premier League increased by £0.2m in accordance with

the central SPL contract. This was offset by coverage of fewer games involving Rangers in the CIS League Cup and reduced Scottish Cup media revenue

as a result of our early exit compared to the previous season.

Commercial income increased overall by £0.6m to £22.3m as a result of increased performance bonuses and other related income from the UEFA

Champions League group phase and progression to the last 16 of the Europa League. This was offset by the receipt of £0.8m in the previous year from

compensation receipt from not progressing from the Champions league Group Stages with no comparable receipt in this financial year. The market pool

element from UEFA is enhanced given that we were again the sole Scottish representative in the group stages. The guaranteed net royalty receipts from

JJB Sports plc of £3.0m together with the annual amortisation of the initial 2006 payment of £14.5m are included within the commercial turnover

figures. Other operating income principally comprising events and catering income remained at £2.0m, again reflecting difficult trading conditions even

though we had an overall participation in more games.

Net operating expenses increased by £3.6m to £47.5m reflecting increased salary levels, higher European fixture costs and operational cost increases

across the business. Total payroll costs as a percentage of turnover increased marginally to 52% (2010 - 50%) reflecting the investment in the playing

squad necessary to be effective in both domestic and European competitions.

Player amortisation costs increased marginally to £8.4m, (2010 - £7.4m). Operating profit was £1.2m which was a decrease of £3.9m from the previous

year (2010 - £5.1m).

The gain on disposal of player registrations included the sale of Danny Wilson, Kevin Thomson and Kenny Miller and the contingent receipt in respect

of Barry Ferguson, was £4.2m which was an increase on the prior year of £3.7m (2010 - £0.5m). As is widely reported Rangers included a “sell on clause”

on the disposal of Charlie Adam. The impact of this clause has been included in contingent assets at the year end and will be reflected through next

year’s profit and loss.

The other exceptional item of £3.3m reflects a tax liability in relation to a Discounted Option Scheme associated with player contributions between

1999 and 2003. Discussions are continuing with HMRC to establish a resolution to the assessments raised.

Interest costs of £2.1m is an increase of £0.7m (2010 - £1.4m). This charge included a provision of £1.0m which will be payable on settlement of claims

by HMRC relating to the Discounted Option Scheme discussed above.

As there are sufficient tax losses brought forward from prior years to negate the current year’s taxable profit, the tax charge was nil, (2010 – nil).

The retained profit for the year to 30 June 2011 amounted to £0.1m, an overall decrease of £4.1m on the prior year profit of £4.2m.

FIXED ASSETS

Additions to fixed assets were £0.9m in the year (2010 - £0.3m), relating to refurbishment of the stadium fast food outlets and the replacement and

upgrading of the stadium PA systems. At the year end a further £1.6m had been committed to these capital projects. The cost of player registration

additions in the year amounted to £6.3m (2010 - £0.4m), reflecting the acquisition of Nikica Jelavic, James Beattie and costs incurred in securing players

on loan agreements. The net book value of player registrations at 30 June 2011 was £8.0m (2010 - £10.9m).

FUNDING

Total net debt at 30 June 2011, including amounts owed to Group companies, finance lease and other loans, amounted to £14.1m, a reduction of £13.0m

on the prior year resulting in a debt to equity (gearing) ratio of 19% (2010 - 38%). Cash at Bank and in hand was £8.9m at the year end (2010 - £0.3m).

The cash outflow on the purchase of players of £3.7m and inflow of £4.6m, giving a net overall inflow of £0.9 is a significant change from the previous

year which had an outflow and inflow of £8.0m and £1.4m respectively giving a net outflow of £6.6m. This transition to a more balanced outcome from

player trading activity as well as the positive cash inflow from a successful European campaign were largely responsible for the generation of £14.9m

towards reduction of the overall debt position (2010 - £4.0m). On acquisition of the majority shareholding by The Rangers FC Group limited in May 2011,

all bank borrowings, primarily the outstanding balance on the term loan of £18m was repaid by the provision of a loan of £18.7m by the new parent

company. The £15m swap arrangement entered into with the Bank of Scotland in March 2008 remains in place at a fixed rate of 4.67% until May 2013.

The Directors present the Group Financial Statements for the year ended 30 June 2011.

Principal Activity and Business Review

The principal activity of the Company and Group is the operation of a professional football club. A review of the Group’s business together with relevant

key performance indicators are contained in the Chairman’s Statement, Manager’s Report, Chief Executive’s Report, Finance Director’s Report and the

Five Year Summary.

Results

The retained profit for the year of £76,000 (2010 - profit £4,209,000) was transferred to reserves.

The Directors do not recommend the payment of a dividend (2010 - nil).

Directors and their Interests

The Directors who held office at 30 June 2010 are listed below. They had the following interests in the ordinary shares of the Company:

30 June 2011 1 July 2010

Or on appointment

if later

C.T. Whyte (Chairman) (Appointed 6 May 2011) 92,842,388 -

P. Betts (Appointed 6 May 2011) - -

A.J. Johnston (Resigned/Removed 23 May 2011) 154,926 10,020

J.F. McClelland CBE (Vice Chairman) (Resigned 17 October 2011) 76,000 76,000

M. Bain (Resigned 24 June 2011) 2,000 2,000

D.C. McIntyre - -

J. Greig MBE (Resigned 17 October 2011) 5,000 5,000

D.C. King - -

M.S. McGill (Resigned 6 May 2011) - -

D.W. Muir (Resigned 6 May 2011) - -

P. Murray (Resigned/Removed 23 May 2011) - -

In addition to the Directors’ interests, the Company has been notified or is aware of the following interests of over 3% of the issued ordinary share capital

as at 22 September 2010:

Registered Holder Ordinary shares Percentage of

issued share capital

The Rangers FC Group Limited 92,842,388 85.3%

On the 6 May 2011, The Rangers FC Group Ltd purchased 62,060,479 ordinary shares at 10p from Murray MHL limited and 37,448,489 ordinary shares

of 10p from RFC Investment Holdings limited. C.T. Whyte is the beneficial owner of 100% of the Ordinary Share Capital of The Rangers FC Group ltd

through his ownership of Liberty Capital limited, a company incorporated in the British Virgin Islands which owns 100% of the Ordinary Share Capital

of The Rangers FC Group Ltd.

C.T. Whyte, P. Betts and ??? retire by rotation and, being eligible, offer themselves for re-election.

Report of the Directors

Share Options

M. Bain and D.C. McIntyre were granted options to purchase 1,000,000 and 200,000 ordinary shares of 10p each respectively at a price of 62.5p per

share. The option period is from June 2008 to December 2017.

Corporate Governance

The Directors take Corporate Governance seriously and in this respect meet frequently throughout the year. The Board comprises three executive and

six non-executive Directors. The Board is responsible for the overall Group strategy and monitors the executive management. Financial policy and

budgets, including major capital expenditure, are approved and monitored by the Board. Key operational decisions including safety, planning and

appointment of advisers are subject to Board approval. The Directors have access to the advice and services of the Company Secretary and can seek

independent professional advice, at the Company’s expense, to assist them in the performance of their duties.

Non-Executive Directors

J. Greig MBE received fees in total of £15,000 (2010 - £15,000) in respect of his duties as a non-executive Director. As at 30 June 2011, the non-executive

Directors had no other material financial or contractual interest in the Group or Company, and their positions were not pensionable.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare financial

statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The financial

statements are required by law to give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group

for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently

• make judgements and estimates that are reasonable and prudent

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the

financial statements

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the

Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding

the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Directors is aware:

• there is no relevant audit information of which the Company's auditors are unaware; and

• the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish

that the auditors are aware of that information.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Going Concern

The Group has agreed bank facilities in place up to 31 December 2010 and has sought and received confirmation that the bank expect to renew the

facilities in the normal course of business. The Group has prepared trading projections which shows it should stay within the facilities for the foreseeable

future. On this basis, the Directors are satisfied that they can continue to adopt the going concern basis of accounting in preparing the annual financial

statements.

Foreign Currency Risk

The Group is exposed to translation and transaction foreign exchange risk. The Group is party to non-speculative hedging instruments in the

management of its exchange rate exposures.

12 13

Report of the Directors (continued)

Credit Risk

The Group is exposed to credit related losses in the event of non performance by counter-parties to financial instruments, but mitigates such risk through

its policy of selecting only counter-parties with high credit ratings and ensuring credit insurance is obtained where required.

Liquidity Risk

Operations are financed by a mixture of shareholders’ funds and bank borrowings. The objective is to ensure a mix of funding methods offering flexibility

and cost effectiveness to match the needs of the Group.

Cashflow Interest Rate Risk

The Group’s policy is to arrange its core debt, bank loans and overdrafts with a floating rate of interest plus an agreed margin. The Group uses interest

rate swaps to manage its exposure to interest rate movements on its bank borrowings.

Charitable Donations

During the year, a total of £99,000 (2009 - £195,000) was given for various charitable purposes through the Rangers Charity Foundation.

Creditors’ Payment Policy

It is the Group’s policy to settle terms of payment with suppliers when agreeing the terms of the transaction, to ensure suppliers are aware of these

terms and abide by them. Trade creditors (excluding player transfer fees which have specific agreed repayment terms which may exceed one year) at the

year end amounted to 56 days of average supplies for the year.

Employee Consultation

The Group places considerable value on the involvement of its employees, and has continued its previous practice of keeping them informed on matters

affecting them as employees and on the various factors affecting the performance of the Group. This is achieved through formal and informal meetings

and media publications.

Disabled Employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes and abilities of the applicant concerned.

In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Group continues and that appropriate

training is arranged. It is the policy of the Group that the training, career development and promotion of disabled employees should, as far as possible,

be identical with that of other employees.

Auditors

Grant Thornton UK LLP offer themselves for reappointment as auditors in accordance with section 489 of the Companies Act 2006.

BY ORDER OF THE BOARD

CRAIG WHYTE, Chairman, Ibrox Stadium, Glasgow G51 2XD

23 November 2011

Company Registration Number: SC004276

14 15

Consolidated Profit & Loss Accountfor the year ended 30 June 2011

Notes 2011 2010

£’000 £’000

Turnover 2 57,183 56,287

Net operating expenses 3 ( 47,525 ) ( 43,856 )

Trading profit/(loss) 9,658 12,431Amortisation of player registrations 4 ( 8,412 ) ( 7,339 )

Operating profit/(loss) 1,246 5,092

Exceptional items:Gain on disposal of player registrations 4,202 512Taxation of Discount Option Scheme 5 ( 3,270 ) -

Profit/(loss) before interest and taxation 2,178 5,604Interest payable 7 ( 2,102 ) ( 1,395 )

Profit/(loss) on ordinary activities before taxation 76 4,209

Taxation 8 - -

Profit/(loss) for the year 21 76 4,209

Basic and diluted earnings/(loss) per share 9 0.07 p 3.87 p

Consolidated Statement of Total Recognised Gains and Losses for the year ended 30 June 2011

There were no other material gains or losses other than the profit for the year.

Consolidated Note of Historical Cost Profits and Losses for the year ended 30 June 2011

2011 2010

£’000 £’000

Reported profit/(loss) on ordinary activities before taxation 76 4,209

Difference between historical cost depreciation and the

actual charge for the year calculated on the revalued amount 563 563

Historical cost profit/(loss) on ordinary activities before taxation 639 4,772

Historical cost profit/(loss) on ordinary activities after taxation 639 4,772

The accompanying notes form an integral part of these financial statements.

Balance Sheetsas at 30 June 2011

Group Company

Notes 2011 2010 2011 2010

£’000 £’000 £’000 £’000

FIXED ASSETS

Tangible assets 10 116,856 118,688 116,814 118,626Intangible assets 11 8,626 11,594 7,892 10,781Investments 12 - - 751 751

125,482 130,282 125,457 130,158

CURRENT ASSETS

Stock 13 2 2 2 2Debtors 14 5,899 5,640 8,913 7,806Cash at bank and in hand 8,893 348 8,552 8

14,794 5,990 17,467 7,816

CREDITORS

Amounts falling due within one year 15 ( 49,065 ) ( 27,568 ) ( 48,822 ) ( 27,316 )

NET CURRENT LIABILITIES ( 34,271 ) ( 21,578 ) ( 31,355 ) ( 19,500 )

TOTAL ASSETS LESS CURRENT LIABILITIES 91,211 108,704 94,102 110,658CREDITORS

Amounts falling due after more than one year 16 ( 20,369 ) ( 37,938 ) ( 20,372 ) ( 37,941 )

NET ASSETS 70,842 70,766 73,730 72,717

CAPITAL AND RESERVES

Called up share capital 20 10,879 10,879 10,879 10,879Share premium account 21 120,973 120,973 120,973 120,973Capital reserve 21 9,185 9,185 9,185 9,185The Rangers Bond 22 7,736 7,736 7,736 7,736Revaluation reserve 21 57,207 57,770 57,207 57,770Profit & loss account 21 ( 135,138 ) ( 135,777 ) ( 132,250 ) ( 133,826 )

SHAREHOLDERS’ FUNDS 23 70,842 70,766 73,730 72,717

The financial statements on pages 14 to 33 were approved by the Board on XX XXXXXXX 2011.

C.T. Whyte, Chairman


Notes to the Accountsfor the year ended 30 June 2011

1. ACCOUNTING POLICIES

The Group’s principal accounting policies set out below have remained unchanged from the previous year.

Basis of Preparation

The Financial Statements have been prepared in accordance with applicable UK Accounting Standards (UK GAAP) and under the historical costconvention with the exception of certain freehold properties, which are included at valuation. The Directors are comfortable that the FinancialStatements have been prepared under the going concern principle for the reasons outlined in the Report of the Directors.

Basis of Consolidation

The consolidation includes the Financial Statements of the Company and its subsidiary undertakings and is based on their audited Financial Statementsfor the year ended 30 June 2011. Acquisitions are accounted for under the acquisition method, and goodwill on consolidation is capitalised and writtenoff over its expected useful life from the year of acquisition. The results of the companies acquired, or disposed of are included in the Profit and LossAccount after or up to the date that control passes respectively.

As provided by Section 408 of the Companies Act 2006, a separate Profit and Loss Account has not been provided for the Company.

Tangible Fixed Assets

The Group’s freehold properties are carried at the lower of depreciated replacement cost and recoverable amount. Independent valuations are performedevery five years, or in any year where there has been a material change in value. Depreciation is provided on the cost or valuation of the asset otherthan freehold land on a straight line basis to write down the cost or valuation over its useful economic life at the following rates:

Fixtures and Fittings 10%-25% per annumFreehold Properties 1%-2% per annumLong Leasehold Properties Lower of asset’s life and period of lease

As certain freehold properties are depreciated over a period in excess of 50 years, the Directors carry out annual impairment reviews in order to supportthe carrying value of the assets.

Player Registrations

The costs associated with the acquisition and retention of football personnel are capitalised as Intangible Assets and amortised over the period of therespective contracts. Payments which are contingent on the performance of the team or the player are recognised where the criteria are consideredlikely to be met. Receipts which are contingent on the performance of the team or the player are not recognised until the events crystallising suchreceipts have taken place.

Trade Marks

The costs of trade marks are capitalised as Intangible Assets and are written off on a straight line basis over 20 years.

Goodwill

Positive goodwill arising on acquisitions is capitalised, classified as an Intangible Asset on the Balance Sheet, and amortised on a straight line basisover 20 years, which is in line with the Director’s assessment of its useful life. It is reviewed for impairment at the end of its first full financial yearfollowing the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. If asubsidiary is subsequently sold, any goodwill arising on acquisition that has not been amortised through the Profit and Loss Account is taken into accountin determining the profit or loss on sale. Negative goodwill is written back to the Profit and Loss Account to match the recovery of the non-monetaryasset acquired.

Capital Contributions

Capital contributions from the Rangers F.C. Development Fund Ltd. are credited directly to Capital Reserve on date of receipt.

Grants

Capital grants from the Football Trust, Football Foundation, sportscotland and the Rangers F.C. Development Fund Ltd. are credited to Capital GrantsDeferred on receipt and released to the Profit and Loss Account over a period approximating to the lives of the relevant assets. Revenue grants arecredited to the Profit and Loss Account to match the incurred expenditure.

16 17

Consolidated Cash Flow Statementfor the year ended 30 June 2011

Reconciliation of Operating Profit/(Loss) to 2011 2010

Net Cash Inflow/(Outflow) from Operating Activities Notes £’000 £’000

Operating profit 1,246 5,092Depreciation 10 2,265 2,416Amortisation of intangible fixed assets 11 8,464 7,391Advance royalty release ( 1,450 ) ( 1,450 )Capital grant release 19 ( 222 ) ( 226 )Loss on disposal of fixed assets 35 27Decrease in debtors 210 2,262Increase in creditors 4,803 ( 3,356 )Outflow on termination of discontinued operations ( 178 ) ( 260 )

Net cash inflow/(outflow) from operating activities 15,173 11,896

Cash Flow Statement

Net cash inflow from operating activities 15,173 11,896Returns on investments and servicing of finance 24 ( 1,228 ) ( 1,392 )Taxation 24 - -Capital expenditure and financial investment 24 948 ( 6,460 )

Cash inflow before financing 14,893 4,044Financing 24 ( 783 ) ( 1,328 )

Increase in cash 14,110 2,716

Reconciliation of net cash flow to movement in net debt

Increase in cash 12,240 2,716Decrease in debt 783 1,328

Movement in net debt in the period 13,023 4,044

Net debt at 1 July 2010 ( 27,074 ) ( 31,118 )

Net debt at 30 June 2011 25 ( 14,051 ) ( 27,074 )


Notes to the Accounts (continued)for the year ended 30 June 2011

1. ACCOUNTING POLICIES (continued)

Compound Financial Instruments

Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated usingthe prevailing market interest rate for a similar debt instrument without the equity feature. The liability component is accounted for as a financial liabilityin accordance with the accounting policy set out above.

The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component,which is accounted for as an equity instrument.

The Directors consider the Rangers Bond to be a compound financial instrument. The Directors have assessed the liability component of the bonds andconsider this to be an immaterial element and as such have recognised the full amount as an equity instrument.

Share Based Payments

The Company issues equity-settled share-based payments to certain employees (including Directors). Equity-settled share-based payments are measuredat fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-linebasis over the vesting period, together with a corresponding increase in equity, based upon the Company's estimate of the shares that will eventually vest.

Derivatives

The Group uses derivative financial instruments to reduce its exposure to interest rate and exchange rate movements. The Group does not hold or usederivative instruments for speculative purposes and accordingly does not recognise them at fair value within the financial statements.

For an interest rate swap to be treated as a hedge, the instrument must be related to actual assets or liabilities or a probable commitment and mustchange the nature of the interest rate by converting a fixed rate to a variable rate or vice versa. Interest differentials under these swaps are recognisedby adjusting net interest payable over the period of the contracts.

For foreign exchange contracts the transactions to which they relate are translated at the contracted rate of agreement.

2. TURNOVER

Contributions to turnover, which is derived entirely in the United Kingdom and is related to one activity, are as follows: 2011 2010

£’000 £’000

Gate receipts and hospitality 27,054 25,834Sponsorship and advertising 2,168 2,941Broadcasting rights 3,713 3,760Commercial 22,272 21,730Other operating income 1,976 2,022

57,183 56,287

In the opinion of the Directors all business is related to one activity and as such no segmental disclosures have been provided.

3. NET OPERATING EXPENSES

2011 2010

£’000 £’000

Staff costs (Note 6) 29,666 28,133Other operating charges 15,642 13,596Loss on disposal of fixed assets 35 27Hire of plant and machinery 334 196Depreciation of tangible fixed assets (Note 10) 2,265 2,416Amortisation of trade marks and goodwill (Note 11) 52 52Auditor’s remuneration 45 44Revenue grants ( 292 ) ( 382 )Capital grants released (Note 19) ( 222 ) ( 226 )

47,525 43,856

18 19


1. ACCOUNTING POLICIES (continued)

Turnover

Turnover represents income receivable from football and related activities and is stated net of value added tax. Turnover is analysed principally betweengate receipts, hospitality, sponsorship, broadcasting rights and commercial income.

Ticket and hospitality income is recognised over the period of the football season as games are played. The fixed element of broadcasting revenues isrecognised over the duration of the football season, whilst UEFA distributions are spread over the European matches played, with distributions relatingto match performance taken when earned. Sponsorship and similar commercial income is recognised over the term of the respective contracts.

In June 2006, the Club agreed to grant a ten year licence to JJB Sports plc for an initial advanced consideration together with a guaranteed minimumannual royalty in each year of the licence. The advance consideration is spread evenly over the term of the agreement. The royalty income receivableis classed as turnover net of value added tax.

Foreign Currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreigncurrencies are translated at the rates of exchange ruling at the Balance Sheet date. Any exchange differences are dealt with through the Profit and LossAccount.

Investments

Investments are included at cost, less amounts written off.

Deferred Taxation

Deferred taxation is provided in full on timing differences which result in an obligation at the Balance Sheet date to pay more tax, or a right to pay lesstax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law enacted or substantively enacted at the balancesheet date. Timing differences arise from the inclusion of items in income and expenditure in taxation computations, in periods different from those inwhich they are included in the Financial Statements.

Deferred taxation is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.Deferred tax assets are recognised to the extent that it is regarded more likely than not that they will be recovered. Deferred tax assets and liabilitiesare not discounted.

Pension Costs

Defined contribution pension arrangements are made for certain employees to which contributions are made by the Group. Amounts due to insurancecompanies are charged against the Profit and Loss Account in the year in which they become payable. The assets of pension schemes are held separatelyfrom those of the Group in independently administered funds.

Leases

Assets held under finance leases and hire purchase contracts, where the risks and rewards of ownership are transferred to the Company, are initiallyreported at the fair value of the asset with an equivalent liability categorised as appropriate under creditors due within or after one year. The asset isdepreciated over its useful economic life. Finance charges are allocated to accounting periods over the period of the contracts to produce a constantrate of return on the balance. Rentals are apportioned between finance charges and reduction of the liability. Rentals under operating leases are chargedon a straight line basis over the lease term.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financialassets or financial liabilities under potentially unfavourable conditions.

Finance costs and gains or losses relating to financial liabilities are included in the Profit and Loss Account. The carrying amount of the liability isincreased by the finance cost and reduced by payments made in respect of that liability. Finance costs are calculated so as to produce a constant rateof charge on the outstanding liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Dividends anddistributions relating to equity instruments are debited directly to reserves.


7. INTEREST

2011 2010£’000 £’000

Interest payable on bank loans and overdrafts, and other charges 1,095 1,260Interest payable on hire purchase agreements 49 135Interest payable to HMRC 958 -

Total interest charged to profit and loss account 2,102 1,395

8. TAXATION

Group Company2011 2010 2011 2010£’000 £’000 £’000 £’000

Corporation tax

Current year - - - -Prior year - - - -

Total - - -

Deferred tax

Current year - - - -Prior year - - - -

Total - - - -

Potential deferred tax asset 31,289 34,587 32,041 35,147

Based onTrading Losses 30,868 33,684 31,608 34,239Decelerated capital allowances 421 903 433 908

The balance of historical tax losses are available for offset against any future profits as and when these are generated.

The difference between the tax charge of nil (2010 - nil) and the amount calculated by applying the standard rate of UK corporation tax to the profitbefore tax is as follows:

2011 2010£’000 £’000

Profit on ordinary activities before tax 76 4,209

Profit on ordinary activities multiplied by standard rate ofcorporation tax in the UK of 27.5% (2010 - 28%) 663 1,180Expenditure not deductible for tax purposes 303 413Capital allowances for the period (greater than)/less than depreciation ( 73 ) 308Accountancy depreciation not eligible for tax purposes 7 -Tax losses utilised ( 196 ) ( 1,838 )Capital grants released ( 62 ) ( 66 )Accounting depreciation not eligible for tax purposes - 2Other short term timing differences - 1

Current Corporation Tax Credit - -

9. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary sharesoutstanding during the year.

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinaryshares. The Group has 1,200,000 of potential dilutive ordinary shares at 30 June 2011. As the current share price is below the option price, the basicand diluted earnings per share is the same.

Reconciliations of earnings and weighted average number of shares used in the calculations are set out overleaf.

20 21


3. NET OPERATING EXPENSES (continued)

Auditor’s Remuneration by Category:

2011 2010£’000 £’000

Fees paid to Group auditor for the audit of the annual accounts 40 39

Fees payable to the Group auditor for other services:

The audit of the Company’s subsidiaries, pursuant to legislation 4 4All other services - -

4 4

Fees in respect of the Company pension schemes:Audit 1 1

4. AMORTISATION OF PLAYER REGISTRATIONS

2011 2010£’000 £’000

Amortisation of player registrations (Note 11) 8,412 7,339

5. EXCEPTIONAL ITEMS

The income tax provision reflects a liability in relation to a Discounted Option Scheme associated with player contributions between 1999 and 2003.

6. STAFF COSTS

2011 2010£’000 £’000

Wages and salaries 25,924 23,667Contributions to employee trusts 347 1,358Social security costs 3,112 2,818Defined contribution pension costs 283 290

29,666 28,133

The Murray Group Management Ltd. Remuneration Trust was established to provide incentives to certain employees and other service providers. Paymentsto the Trust are charged to the Group Profit and Loss Account in the year incurred. On the basis of expert tax advice, the Club is defending a query raisedby HMRC into this Trust, which is part of an ongoing tax enquiry scheduled to be heard by a tax tribunal before the end of the year.

2011 2010£’000 £’000

Directors’ remuneration: Emoluments 538 759Pension contributions to money purchase pension schemes 73 73

611 832

During the year, 2 Directors (2010 - 2 Directors) participated in money purchase pension schemes. The emoluments of the highest paid Director were£450,000 (2010 - £633,000), including money purchase pension contributions of £55,000 (2010 - £55,000).

2011 2010The average monthly number of employees was made up as follows: Football players 65 66Others 204 190

269 256

In addition, the Group employed an average of 46 part-time employees (2010 - 45) during the year.

10. TANGIBLE FIXED ASSETS (continued)

Company Long Fixtures

Freehold Leasehold And

Properties Properties Fittings Total

£’000 £’000 £’000 £’000

At 1 July 2010As valued 2008 121,874 - - 121,874At cost to date ( 494 ) 3,976 20,237 23,719

121,380 3,976 20,237 145,593Additions 26 - 885 911Disposals ( 526 ) - - ( 526 )

AT 30 JUNE 2011 120,880 3,976 21,122 145,978

As valued 2008 121,874 - - 121,874At cost to date ( 994 ) 3,976 21,122 24,104

AT 30 JUNE 2011 120,880 3,976 21,122 145,978

Depreciation at 1 July 2010 9,292 960 16,715 26,967Charge for year 1,290 53 896 2,239Disposals ( 42 ) - - ( 42 )

AT 30 JUNE 2011 10,540 1,013 17,611 29,164

NET BOOK VALUE 30 JUNE 2011 110,340 2,963 3,511 116,814


Assets of the Group and Company held under finance leases are as follows:

Net Book Value at 30 June 2011 - 2,963 - 2,963

Net Book Value at 30 June 2010 - 3,016 - 3,016

Depreciation provided in the year - 53 - 53

The Directors determined the valuation of freehold properties based on their recoverable amount as at 30 June 2011.

No provision has been made in the deferred taxation account for the estimated corporation tax that would be payable on the disposal of the revaluedassets because, in the opinion of the Directors, the land and buildings are unlikely to be disposed of in the foreseeable future.

On an historical cost basis, the Group’s and Company’s freehold heritable properties would have been £53,133,000 (2010 - £54,318,000) for the Groupand £53,133,000 (2010 - £54,318,000) for the Company. The Group and Company cumulative borrowing costs capitalised to 30 June 2011 total£1,740,000 (2010 - £1,740,000).


22 23


2011 2010

Weighted average Weighted average

Profit number of shares Per share amount Profit number of shares Per share amount

Basic and diluted EPS £000’s in thousands pence £000’s in thousands pence

Attributable to ordinary shareholders 2,411 108,791 2.22 4,209 108,791 3.87

10. TANGIBLE FIXED ASSETS

Group Long Fixtures

Freehold Leasehold And

Properties Properties Fittings Total

£’000 £’000 £’000 £’000

At 1 July 2010 As valued 2008 121,874 - - 121,874At cost to date ( 494 ) 3,976 20,315 23,797

121,380 3,976 20,315 145,671Additions 26 - 891 917Disposals ( 526 ) - - ( 526 )

AT 30 JUNE 2011 120,880 3,976 21,206 146,062

As valued 2008 121,874 - - 121,874At cost to date ( 994 ) 3,976 21,206 24,188

AT 30 JUNE 2011 120,880 3,976 21,206 146,062

Depreciation at 1 July 2010 9,292 960 16,731 26,983Charge for year 1,290 53 922 2,265Disposals ( 42 ) - - ( 42 )

AT 30 JUNE 2011 10,540 1,013 17,653 29,206



12. INVESTMENTS

Company

Subsidiary

undertakings

£’000

Cost

AT 30 JUNE 2011 AND 30 JUNE 2010 751

NET BOOK VALUE AT 30 JUNE 2011 AND 30 JUNE 2010 751

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Name of Company Holding Proportion of Voting Nature ofRights and Shares Business

Subsidiary Undertakings (all incorporated in the United Kingdom):Rangers Youth Development Ltd Ordinary Shares 100% Youth

DevelopmentRangers Media Investments Ltd Ordinary Shares 100% DormantRangers Media Investments Ltd Preference Shares 100% DormantRangers Financial Services Ltd Ordinary Shares 100% DormantThe Rangers Shop Ltd Ordinary Shares 100% DormantRangers.co.uk Ltd Ordinary Shares 100% MediaRangers Matchday Services Ltd Ordinary Shares 100% Dormant


24 25

11. INTANGIBLE FIXED ASSETS

Group Player Trade

Registrations Marks Goodwill Total

Cost: £’000 £’000 £’000 £’000

At 1 July 2010 26,400 75 896 27,371Additions 6,339 - - 6,339Disposals ( 6,698 ) - - ( 6,698 )

AT 30 JUNE 2011 26,041 75 896 27,012

Amounts written off: At 1 July 2010 15,515 62 200 15,777Charge for year (see Notes 3 & 4) 8,412 4 48 8,464Eliminated on disposal ( 5,855 ) - - ( 5,855 )

AT 30 JUNE 2011 18,072 66 248 18,386

NET BOOK VALUE 30 JUNE 2011 7,969 9 648 8,626

NET BOOK VALUE 30 JUNE 2010 10,885 13 696 11,594

Company

Cost:At 1 July 2010 26,135 75 - 26,210Additions 6,270 - - 6,270Disposals ( 6,653 ) - - ( 6,653 )

AT 30 JUNE 2011 25,752 75 - 25,827

Amounts written off:At 1 July 2010 15,367 62 - 15,429Charge for year 8,312 4 - 8,316Eliminated on disposal ( 5,810 ) - - ( 5,810 )

AT 30 JUNE 2011 17,869 66 - 17,935

NET BOOK VALUE 30 JUNE 2011 7,883 9 - 7,892

NET BOOK VALUE 30 JUNE 2010 10,768 13 - 10,781



17. BORROWINGS

Borrowings are repayable as follows:

Group Group Company Company

2011 2010 2011 2010

£’000 £’000 £’000 £’000

Overdraft amounts falling due within one year: - 3,695 - 3,695Bank loan - 1,000 - 1,000Amounts due to Group 18,684 - 18,684 1,000Other loans 450 700 200 450Lease creditor 132 159 132 159

19,266 5,554 19,016 5,304

Amounts falling due within one to two years:Bank loan - 1,000 - 1,000Lease creditor 141 129 141 129

141 1,129 141 1,129

Amounts falling due within two to five years: Bank loan - 3,000 - 3,000Lease creditor 538 472 538 472

538 3,472 538 3,472

Amounts falling due after five years: Bank loan - 14,000 - 14,000Lease creditor 2,999 3,267 2,999 3,267

2,999 17,267 2,999 17,267

22,944 27,422 22,694 27,172

Details on securities granted over assets are given in Note 18.

26 27


13. STOCK


2011 2010 2011 2010

£’000 £’000 £’000 £’000

Goods for Resale 2 2 2 2

14. DEBTORS


2011 2010 2011 2010

£’000 £’000 £’000 £’000

Trade debtors 4,753 3,877 4,685 3,796Amounts due from subsidiary undertakings - - 3,357 2,246Other debtors 175 30 236 91Prepayments and accrued income 971 1,733 635 1,673

5,899 5,640 8,913 7,806

Included within trade debtors is £504,000 (2010 - £458,000) due outwith one year.

15. CREDITORS - Amounts falling due within one year


2011 2010 2011 2010

£’000 £’000 £’000 £’000

Bank overdraft - 3,695 - 3,695Bank loan - 1,000 - 1,000Amounts due to Group 18,684 - 18,684 -Other loans 450 700 200 450Trade creditors 6,619 2,231 6,524 2,174Amounts due to subsidiary undertakings - - 94 57Social security and other taxes 7,152 2,724 7,343 2,915Other creditors 311 4 311 4Deferred income: Capital Grants (see Note 19) 107 222 107 222Accruals and other deferred income 15,610 16,833 15,427 16,640Lease creditor 132 159 132 159

49,065 27,568 48,822 27,316

16. CREDITORS - Amounts falling due after more than one year


2011 2010 2011 2010

£’000 £’000 £’000 £’000

Bank loan - 18,000 - 18,000Trade creditors 1,093 260 1,093 260Accruals and other deferred income 7,249 7,354 7,252 7,357Deferred income: Capital Grants (see Note 19) 8,349 8,456 8,349 8,456Lease creditor 3,678 3,868 3,678 3,868

20,369 37,938 20,372 37,941


18. FINANCIAL INSTRUMENTS (continued)

Currency Risk

The Group may from time to time acquire foreign currency in advance of payment dates for transfer fees or UEFA receipts for European competition. Duringthe year the Group made recognised exchange losses of £43,000 (2010 - £85,000) which are included in this year’s Profit and Loss Account. These exchangelosses relate mainly to the acquisition of players where purchase contracts were denominated in Euros. There are no unrecognised gains or losses as at 30June 2011.

The Group is exposed to translation and transaction foreign exchange risk.

The table below shows the extent to which the Group has net monetary liabilities in currencies other than sterling:

2011 2010

£’000 £’000

Cash (Euros) 212 1,857Trade Creditors (Euros) ( 237 ) ( 6 )Trade Creditors (USD) ( 10 ) -Trade Debtors (Euros) 444 894

Fair Values

The interest rate swap agreement has been included in the financial statements at a book value of nil (2010 - nil). The fair value of swap agreementsat 30 June 2011, if recognised, would be a liability of £927,000 (2010 - liability £1,324,000).

At the year end the Group had nil (2010: nil) forward foreign exchange contracts outstanding.

Short Term Debtors and Creditors

Short term debtors and creditors have been excluded from the above disclosures, other than the currency risk disclosures.

19. CAPITAL GRANTS DEFERRED

Group and Company

2011 2010

£’000 £’000

At 1 July 2010 8,678 8,904Grant released ( 222 ) ( 226 )

At 30 June 2011 8,456 8,678

Grants received from the Rangers F.C. Development Fund Ltd. during the year were revenue grants (Note 3) supporting the costs of the youthdevelopment policy.

28 29


18. FINANCIAL INSTRUMENTS

The Group’s financial instruments comprise borrowings, cash, and various items such as trade debtors and trade creditors that arise directly from itsoperations. The main purpose of the financial instruments is to finance the Group’s operations.

The Group also enters into derivative transactions such as interest rate swaps and forward foreign exchange contracts. The purpose of such transactionsis to manage the interest rate and currency risks arising from the Group’s operations and sources of finance.

The main risks arising from the Group’s financial instruments are interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agreespolicies for managing each of these risks and they are summarised below. These policies remain unchanged from previous years.

All transactions in derivatives, principally interest rate swaps, are undertaken to manage risks arising from the underlying business activities and notransactions of a speculative nature are undertaken.

Interest Rate Risk of Financial Liabilities

The Group finances its operations through a mixture of shareholders’ capital, borrowings and leasing. The Group’s exposure to interest rate fluctuationson its borrowings is managed by the use of both fixed and floating rates of interest.

The Group policy is to have the majority of its net borrowings at fixed rates of interest. At the year end, the Group held one interest rate swap of £15.0m(2010 - £15.0m). The swap structure is in place for a period of 21 months maturing in March 2013. The Bank has the option to cancel the swap at anypoint after March 2011.

The interest rate exposure of the financial liabilities of the Group as at 30 June 2011 was nil (2010 - £15,000,000) and £4,010,000 (2010 - £11,922,000)at a fixed and floating rate respectively. Loans of £18,684,000 (2010 - £500,000) are interest free.

The weighted average fixed interest rate for financial liabilities was 4.67% (2010 - 4.67%) for which the weighted average period until maturity is 21months (2010 - 9 months).

The floating rate borrowings bear interest at various rates above LIBOR for which the weighted average period until maturity is 204 months (2010 - 222months).

The interest free loans of £250,000 are repayable on average over 3 months (2010 - 3 months).

Liquidity Risk

The Group seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs, to invest cash assets safely and to delivermarket returns.

Maturity of Financial Liabilities

The maturity profiles of the Group’s borrowings are set out in Note 17.

Borrowing Facilities

There are no borrowing facilities with any Banking Institution. Funding is provided by the majority shareholder by way of Group Loans provided byRangers FC Group limited. Rangers FC Group limited has a floating charge and guarantees from each Group company on account of each other in respectof the loan.


22. THE RANGERS BOND

At 1 July At 1 July

2010 2010

& 30 June & 30 June

2011 2011

Class Number £’000

A Debenture stock at £1,000 each 1,673 1,673B Debenture stock at £1,300 each 2,724 3,541C Debenture stock at £1,500 each 1,371 2,057D Debenture stock at £1,650 each 282 465

6,050 7,736

The debentures rank pari passu with respect to voting and repayment, are unsecured and no interest is payable. The debentures are repayable under thefollowing conditions:

i. at the discretion of the Company on or after 16 December 2026, being the 35th anniversary of the completion of the Club Deck in the Bill Struth Main Stand,or

ii. if an order is made or an effective resolution is passed for the winding up of the Company, or

iii. if an administrator or receiver is appointed to the undertaking of the Company or any of its property or assets, or

iv. if the Company ceases on a permanent basis to carry on its business at the Stadium.

The benefits which accrue to the debenture holders are:

a. the right to purchase a season ticket in respect of a designated seat;

b. where the Company has control over allocation of the designated seats for an event which is not covered by the season ticket, the opportunity topurchase a ticket in respect of the designated seat for that event, within such periods as the Company shall notify by public announcement orotherwise for the relevant event;

c. the right to the use of such facilities as shall from time to time be available within the Club Deck in the Bill Struth Main Stand of the Stadium; and

d. the right to have the name of the Registered Holder affixed to the designated seat.

23. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS

2011 2010

£’000 £’000

Profit for the financial year 76 4,209

Net addition to shareholders’ funds 76 4,209Opening shareholders’ funds 70,766 66,557

Closing shareholders’ funds 70,842 70,766

30 31

20. SHARE CAPITAL

2011 2010

£’000 £’000

Authorised: 120,280,602 ordinary shares of 10p each 12,028 12,028

Issued and fully paid: 108,791,499 (2009 - 108,791,499) ordinary shares of 10p each 10,879 10,879

21. RESERVES

Group Share Premium Capital Revaluation Profit

Account Reserve Reserve and Loss

Account

£’000 £’000 £’000 £’000

At 1 July 2010 120,973 9,185 57,770 ( 135,777 )Retained profit for the year - - - 76Transfer from revaluation reserve to profit and loss account - - ( 563 ) 563

At 30 June 2011 120,973 9,185 57,207 ( 135,138 )

Company

At 1 July 2010 120,973 9,185 57,770 ( 133,826 )Retained profit for the year - - - 1,013Transfer from revaluation reserve to profit and loss account - - ( 563 ) 563

At 30 June 2011 120,973 9,185 57,207 ( 132,250 )

The retained profit for the Company for the year ended 30 June 2011 was £1,013,000 (2010 - £4,914,000).



25. ANALYSIS OF NET DEBT

At Cash At

1 July Flow 30 June

2010 2011

£’000 £’000 £’000

Cash at bank and in hand ( 3,347 ) 12,240 8,893Bank loan ( 19,000 ) 19,000 -Loan from parent company - ( 18,684 ) ( 18,684 )Other loans ( 700 ) 250 ( 450 )Finance Leases ( 4,027 ) 217 ( 3,810 )

Net Debt ( 27,074 ) 13,023 ( 14,051 )

26. RELATED PARTY TRANSACTIONS

During the year, in the normal course of business, the Group had sales of £223,000 (2010 - £150,000) to companies of which Sir David E. Murray, orcompanies controlled by him, are the principal shareholders, and received services of £407,000 (2010 - £665,000), principally in relation to advertisingand management services from them.

At the year end, balances due from these companies were £202,000 (2010 - £5,000) and due to them were £407,000 (2010 - £53,000), and are includedwithin trade debtors and trade creditors respectively.

27. CONTINGENT ASSETS / LIABILITIES

For the Group and Company at 30 June 2011, additional transfer fees payable of nil (2010 - nil) and transfer fees receivable of £625,000 (2010 - £100,000)would arise if certain conditions in transfer contracts are fulfilled.

28. CAPITAL COMMITMENTS / FINANCIAL COMMITMENTS

The Group and the Company had capital commitments in respect of tangible fixed assets as at 30 June 2011 of £1,629,000 (2010 - nil).

29. OPERATING LEASE COMMITMENTS

At 30 June 2011, the Group was committed to making payments of nil (2010 - nil) during the next year in respect of operating leases expiring within 1 year, payments of £93,000 (2010 - £175,000) in respect of operating leases expiring between 2 and 5 years, and £33,000 (2010 - £33,000) in respectof operating leases expiring after 5 years. All of the Group’s operating lease commitments are in respect of land and buildings.

30. ULTIMATE HOLDING COMPANY

On 6th May 2011 the ultimate holding company changed from Murray International Holdings Ltd (reg no SC192523) to The Rangers FC Group limited(reg no 07380537) where C.T. Whyte is the ultimate controlling party. The largest and smallest group in which the results of the Company areconsolidated is that headed by the ultimate holding company whose registered office is at 4 Bedford Row, London, WC1R 4DF.

32 33


24. ANALYSIS OF CASH FLOW STATEMENT HEADINGS

2011 2010

£’000 £’000

Returns on investment and servicing of finance

Interest paid ( 1,171 ) ( 1,259 )Interest element of finance lease rentals paid ( 57 ) ( 133 )

Net cash outflow from returns on investment and servicing of finance ( 1,228 ) ( 1,392 )

Group relief of tax losses - -

Capital expenditure and financial investment

Purchase of tangible fixed assets ( 415 ) ( 264 )Purchase of intangible fixed assets ( 3,662 ) ( 8,039 )Sale of tangible fixed assets 449 442 Sale of intangible fixed assets 4,576 1,401

Net cash outflow from capital expenditure and financial investment 948 ( 6,460 )

Financing

Capital elements of finance lease rentals ( 217 ) ( 78 )Repayment of term loan ( 19,000 ) ( 1000 )Parent company loans 18,684 -

Other loans repaid ( 250 ) ( 250 )

Net cash outflow from financing ( 783 ) ( 1,328 )

Five Year Summary

FINANCIAL

2011 2010 2009 2008 2007

£’000 £’000 £’000 £’000 £’000

TURNOVER

Continuing operations 57,183 56,287 39,704 64,452 41,768 Discontinued operations - - - - -

Total 57,183 56,287 39,704 64,452 41,768

Trading profit/(loss) 9,658 12,431 ( 8,527 ) 7,635 ( 1,320 ) Player registration charge ( 8,412 ) ( 6,827 ) ( 2,627 ) 677 ( 2,744 )Loss on termination of discontinued operations - - ( 579 ) - ( 955 )Taxation of Discount Option Scheme ( 3,270 ) - - - -Net interest payable ( 2,102 ) ( 1,395 ) ( 2,352 ) ( 1,745 ) ( 1,291 )

Profit/(loss) before tax 76 4,209 ( 14,085 ) 6,567 ( 6,310 )Taxation - - 1,434 605 57

Transfer to/(from) Reserves 76 4,209 ( 12,651 ) 7,172 ( 6,253 )

Fixed assets 125,482 130,282 142,241 144,091 135,050Net current and long term liabilities ( 54,640 ) ( 59,516 ) ( 75,684 ) ( 64,883 ) ( 63,148 )

Net Assets 70,842 70,766 66,557 79,208 71,902

FOOTBALL

Season 10/11 09/10 08/09 07/08 06/07

Premier League Winners Winners Winners Runners Up Runners Up

Premier League Matches 38 38 38 38 38

Premier League Points 93 87 86 86 72

Scottish Cup 4th Round 5th Round Winners Winners 3rd Round

League Cup Winners Winners Final Winners Quarter-Final

European Ties Played 10 6 2 19 10

Capital Investment in Intangible Assets (£’000) 6,339 442 11,791 17,979 7,231

Stadium Capacity 51,082 51,082 51,082 51,082 51,082

Average Home Attendances 42,671 44,091 47,076 46,278 48,517

Season Ticket Holders 37,918 40,306 43,107 42,556 43,187

34 35

Independent Auditor's Report to the Members of The Rangers Football Club plc

We have audited the financial statements of The Rangers Football Club plc for the year ended 30 June 2011 which comprise the Consolidated Profit and Loss

Account, the Group and Parent Company Balance Sheets, the Consolidated Cash Flow Statement, the Consolidated Statement of Total Recognised Gains and

Losses, the Consolidated Note of Historical Cost Profits and Losses and notes 1 to 30. The financial reporting framework that has been applied in their preparation

is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been

undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for

our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Directors’ Responsibilities Statement set out on page 12, the directors are responsible for the preparation of the financial statements

and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International

Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uk/apb/scope/UKNP.

Opinion on financial statements

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2011 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial

statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not

visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

ROBERT HANNAH

SENIOR STATUTORY AUDITOR

FOR AND ON BEHALF OF GRANT THORNTON UK LLP,

STATUTORY AUDITOR, CHARTERED ACCOUNTANTS

Glasgow

2011

Season 2010/11 Statistics

Date Opposition Venue Comp Score Crowd

14-Aug Kilmarnock H SPL 2-1 45,739

22-Aug Hibernian A SPL 3-0 17,145

28-Aug St Johnstone H SPL 2-1 46,109

11-Sep Hamilton A SPL 2-1 5,356

14-Sep Manchester Utd A CL 0-0 74,408

18-Sep Dundee United H SPL 4-0 44,786

21-Sep Dunfermline H CIS R3 7-2 23,120

26-Sep Aberdeen A SPL 3-2 15,307

29-Sep Bursaspor H CL 1-0 41,905

2-Oct Hearts A SPL 2-1 15,637

16-Oct Motherwell H SPL 4-1 44,609

20-Oct Valencia H CL 1-1 45,153

24-Oct Celtic A SPL 3-1 58,874

27-Oct Kilmarnock A CIS R4 2-0 7,561

30-Oct Inverness CT H SPL 1-1 43,697

2-Nov Valencia A CL 0-3 26,821

7-Nov St Mirren A SPL 3-1 5,674

10-Nov Hibernian H SPL 0-3 41,514

13-Nov Aberdeen H CL 2-0 44,919

20-Nov Kilmarnock A SPL 3-2 10,177

24-Nov Manchester Utd H CL 0-1 50,120

7-Dec Bursaspor A CL 1-1 9,673

11-Dec Inverness CT A SPL 1-1 6,799

18-Dec St Mirren H SPL Postponed N/A

26-Dec Motherwell A SPL 4-1 9,371

29-Dec St Johnstone A SPL Postponed N/A

2-Jan Celtic H SPL 0-2 50,222

10-Jan Kilmarnock H SC R4 3-0 13,215

15-Jan Hamilton H SPL 4-0 44,639

18-Jan Inverness CT H SPL 1-0 41,693

22-Jan Hearts A SPL 0-1 16,737

26-Jan Hibernian A SPL 2-0 11,696

30-Jan Motherwell A CIS SF 2-1 23,432

2-Feb Hearts H SPL 1-0 44,823

6-Feb Celtic H SC R5 2-2 50,230

12-Feb Motherwell H SPL 6-0 43,789

17-Feb Sporting Lisbon H UEL R of 32 1-1 34,095

20-Feb Celtic A SPL 0-3 58,748

24-Feb Sporting Lisbon A UEL R of 32 2-2 15,375

27-Feb St Johnstone H SPL 4-0 43,125

2-Mar Celtic A SC R5 Replay 0-1 57,847

6-Mar St Mirren A SPL 1-0 5,405

10-Mar PSV Eindhoven A UEL R of 16 0-0 30,000

13-Mar Kilmarnock H SPL 1-0 42,417

17-Mar PSV Eindhoven H UEL R of 16 0-1 35,373

20-Mar Celtic A CIS F 2-1 51,181

2-Apr Dundee United H SPL 2-3 46,697

5-Apr St Johnstone A SPL 2-0 5,820

10-Apr Hamilton A SPL 1-0 4,526

13-Apr Aberdeen A SPL 1-0 11,925

16-Apr St Mirren H SPL 2-1 46,392

19-Apr Dundee United A SPL 4-0 11,626

24-Apr Celtic H SPL 0-0 50,248

30-Apr Motherwell A SPL 5-0 8,968

7-May Hearts H SPL 4-0 46,178

10-May Dundee United H SPL 2-0 49,267

15-May Kilmarnock A SPL 5-1 16,173

SPL Scottish Premier League, LC League Cup, CL Champions League, SC Scottish Cup

Appearances Season 2010/11

App'ns Sub Goals

Davis 53 0 5

Weir 53 0 0

Whittaker 51 0 7

McGregor 48 0 0

Bougherra 47 0 2

Papac 46 0 3

Edu 40 6 5

Naismith 40 3 15

Lafferty 30 14 15

McCulloch 25 6 1

Jelavic 24 3 19

Miller 23 2 22

Weiss 22 11 5

Foster 19 5 0

Wylde 13 8 0

Diouf 11 10 2

Broadfoot 11 3 0

Ness 10 3 1

Bartley 9 0 1

Alexander 7 0 0

Beattie 6 4 0

Fleck 5 12 0

Hutton 5 9 0

Healy 2 7 1

Little 2 0 1

Webster 2 0 0

Cole 1 0 0

Kerkar 0 1 0

Loy 0 1 0

McMillan 0 1 0

Clydesdale Bank Premier League

P W D L F A Pts GD

Rangers 38 30 3 5 88 29 93 +59

Celtic 38 29 5 4 85 22 92 +63

Hearts 38 18 9 11 53 45 63 +8

Dundee Utd 38 17 10 11 55 50 61 +5

Kilmarnock 38 13 10 15 53 55 49 -2

Motherwell 38 13 7 18 40 60 46 -20

Inverness CT 38 14 11 13 52 44 53 +8

St Johnstone 38 11 11 16 23 43 44 -20

Aberdeen 38 11 5 22 39 59 38 -20

Hibernian 38 10 7 21 39 61 37 -22

St Mirren 38 8 9 21 33 57 33 -24

Hamilton 38 5 11 22 24 59 26 -35

36

Annual Report 2010

rangers 2011 (cf - not published)

Documents