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Alistair Johnson


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Just Thought id copy this !

ALASTAIR JOHNSTON says Rangers' relationship with their bankers has 'improved significantly' over the last year.

The Light Blues chairman was speaking at today's AGM at the Clyde Auditorium and revealed how pleased he is with the progress made by the club in recent times.

0,,5%7E9127308,00.jpgGers reported good financial results last month, including an operating profit of £5.1million compared with a £17.3million profit in 2009.

That in turn has allowed the SPL champions to make inroads as they set about trying to reduce their debt and Johnston is buoyed by that fact.

He feels it is resulting in a stronger partnership with Lloyds.

He said: "One of the most satisfying elements of the past year has been the results on the field have been achieved in conjunction with the stabilisation of the club's financial position and an overall strengthening of our balance sheet.

"Our much maligned debt levels have been reduced significantly in terms of the credit facilities provided by the Lloyds Banking Group as well as the near elimination of funds owed for players acquired during previous financial years by an £8 million pay down.

"As has been reported recently in the press, I believe our working relationship with Lloyds has improved significantly as our bankers have developed an understanding of the necessity of reinvesting in our playing squad."

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Just Thought id copy this !

ALASTAIR JOHNSTON says Rangers' relationship with their bankers has 'improved significantly' over the last year.

The Light Blues chairman was speaking at today's AGM at the Clyde Auditorium and revealed how pleased he is with the progress made by the club in recent times.

0,,5%7E9127308,00.jpgGers reported good financial results last month, including an operating profit of £5.1million compared with a £17.3million profit in 2009.

That in turn has allowed the SPL champions to make inroads as they set about trying to reduce their debt and Johnston is buoyed by that fact.

He feels it is resulting in a stronger partnership with Lloyds.

He said: "One of the most satisfying elements of the past year has been the results on the field have been achieved in conjunction with the stabilisation of the club's financial position and an overall strengthening of our balance sheet.

"Our much maligned debt levels have been reduced significantly in terms of the credit facilities provided by the Lloyds Banking Group as well as the near elimination of funds owed for players acquired during previous financial years by an £8 million pay down.

"As has been reported recently in the press, I believe our working relationship with Lloyds has improved significantly as our bankers have developed an understanding of the necessity of reinvesting in our playing squad."

Has this happened since Manus "the Republican" Fullarton left or just co-incidence?

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Or since out turnover increased by over 40%.......

I believe our working relationship with Lloyds has improved significantly as our bankers have developed an understanding of the necessity of reinvesting in our playing squad

He could have worded this differently could he have not?

Or indeed didn't need to use the phrase at all preferring instead to focus on the increased revenue reducing the debt.

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