Scottish champ Rangers cuts debt as turnover soars
Updated: September 22, 2010, 13:12
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LONDON(AP) Rangers returned to profit while slashing debts as it won a second successive Scottish title last season.
Accounts for the year ending June 30 show that the debt was reduced by 3.7 million pounds ($5. million) to 27.1 million pounds.
Stringent cost-cutting measures helped produce a 4.2 million-pound net profit following a a loss of 12.7 million pounds the previous year.
Rangers' participation in the Champions League group stage last season after a year's absence led to revenue soaring by 42 percent to 56.3 million pounds.
But even if Rangers wins a third straight Scottish title, Scotland's falling UEFA coefficient means it will have to go through qualifying to reach the Champions League group stage next year.