Results positive but Murray downbeat
Rangers chairman David Murray insists Europe remains the only avenue for top Scottish clubs to increase their income on the day that the Bank of Scotland Premier League produced its best financial results in a decade.
For the first time since the early 1990s SPL clubs are now collectively in profit, albeit a modest one of £2.8m (€4.1m), according to the 17th Annual Financial Review of Scottish Football, published by PricewaterhouseCoopers LLP.
In season 2004/2005, the combined SPL debt had fallen to £129m (€191m) from £184m (€272.5m), and it is predicted that this debt will have fallen to under £100m (€148.1m) at the end of season 2005/2006.
The review shows that Celtic, with £62m (€91.8m) revenue, and Rangers, with £55m (€81.4m) revenue, continue to be the financial powerhouses of the league, although other clubs have seen revenues increase by 18%.
In order for the SPL to attain and secure a viable business model for the future, the accountancy and consultancy firm advised adding more excitement and competition, with one option being the return of play-offs for promotion and relegation.
Murray said: “No football club can live without its means. If we make a little profit we can spend it. If we don’t then we can’t. The only way clubs like Celtic, Rangers or Hearts can make more money is by having a run in Europe. There is no other way.”
