Rangers cuts debt as turnover soars

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. The coefficient is a national rankings based on a performance of each European country's teams over a five-year period.

"Scottish clubs may not have as much in the future because of the coefficient issue," chairman Alastair Johnston told Sky Sports on Wednesday. "That's not to say we don't anticipate going through qualifying rounds and still joining the big party, but the impact of the Champions League on the figures are quite obvious.

"For last year and this year we'll be doing just fine, beyond that we probably need to cut our coat to suit the cloth."