Rangers Int. Football Club PLC Clarification of previous announcements (0845G)
February 27 2015 - 5:52AM
UK Regulatory
TIDMRFC
RNS Number : 0845G
Rangers Int. Football Club PLC
27 February 2015
27 February 2015
Rangers International Football Club plc
("Rangers" the "Club" or the "Company")
Clarification of previous announcements
James Easdale
The announcement issued at 7am on 25 February 2015, in relation
to the resignation of James Easdale, states that "He leaves Rangers
having never received any remuneration, bonus or compromise payment
during his time at the Club." In the Circular to Shareholders dated
6 February 2015 it states "James Easdale has never taken any
remuneration from the Company for his role".
The Company wishes to clarify that James Easdale was paid
director's fees between August 2013 and December 2013, in
accordance with his contractual entitlements. However, the amounts
received by James Easdale pursuant to these payments were repaid in
full to the Club in January 2014. Mr Easdale did not receive any
further director's fees at any point, despite being contractually
entitled to do so.
Derek Llambias
The Circular to Shareholders dated 6 February 2015 contains the
following text:
"The current management team is led by Derek Llambias. Derek
Llambias was formerly the Managing Director of Newcastle United
Football Club ("NUFC"). Derek joined NUFC in 2007 and in his five
year stewardship reformed and improved stadium facilities;
increased turnover from GBP85 million to GBP123 million and, from
making significant losses, NUFC became one of the top 20 most
profitable clubs in Europe. Derek brought in the largest ever
sponsorship deals in NUFC's history and negotiated shrewdly and
resolutely in the fiercely competitive arena of player transfers.
One of Derek's most successful and talked about transfers was that
of Andy Carroll, originally a NUFC academy player, to Liverpool for
GBP35 million. Another such move was buying Yohan Cabaye for GBP5
million, a player who NUFC later sold for GBP19 million."
The Company wishes to clarify the following matters:
-- Derek Llambias joined NUFC in 2008. He initially joined as
Deputy Chairman and was appointed as Managing Director in June of
that year.
-- In the financial year ended 30 June 2009 (the first full
accounting period after Mr Llambias' appointment), the turnover of
Newcastle United Football Company Limited ("NUFCL"), as recorded in
their audited accounts for that period, was GBP85,681,000.
-- Derek Llambias resigned from his post as Managing Director of
NUFC in June 2013. The turnover of NUFCL for the financial year 30
June 2013, as recorded in their audited accounts for that period,
was GBP95,879,000. The figure of GBP123 million referred to in the
Circular was the projected turnover, as at the time of Derek
Llambias' departure, in the financial year to 30 June 2014.
-- In the Deloitte "Football Money League" report for 2011/2012,
published in January 2013, Newcastle United were ranked at number
20 in Europe. Newcastle United were also ranked at number 20 in the
Forbes list of the richest football clubs in the world, published
in April 2013. These were the last rankings published during Mr
Llambias' tenure at NUFC. (Although the Club dropped out of the top
20 in both equivalent lists published in 2014, the Deloitte
"Football Money League" report for 2013/2014, published in 2015,
ranks NUFC at number 19.) Newcastle United did appear in the top 20
of both lists at the start of Mr Llambias' tenure, although dropped
out during the intervening period. The Directors believe that is
predominantly due to NUFC's relegation in 2009.
-- Neither of the aforementioned reports ranks clubs solely on
the basis of profitability. It should be noted that in the year to
30 June 2008, NUFCL made a loss attributable to members of
GBP20,048,000, and a loss of GBP14,554,000 for the year to 30 June
2009. In the year to 30 June 2013 however, NUFCL made a profit
attributable to members of GBP8,814,000.
For further information please contact:
Rangers International Football Club plc Tel: 0141 580 8647
David Somers
WH Ireland Limited Tel: 020 7220 1666
Adrian Hadden / Paul Shackleton
Newgate Tel: 020 7148 6143
Roddy Watt / Ed Treadwell
This information is provided by RNS
The company news service from the London Stock Exchange
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