Glasgow Rangers Football Club (GRFC) has insisted that there is no need to sell players in the January transfer window, despite reporting a £31m loss for the year ending 30 June 2009.

Compared with the previous 12 months, the Scottish Premier League champion's turnover fell by 38 per cent due to a lack of participation in European competitions and a decline in ticketing and hospitality revenue caused by a 19-match reduction during the 2009-09 season. GRFC chair Alistair Johnson said: "Throughout the financial year, the club operated in the most challenging economic climate for many years. In broad terms, the failure of the club to participate in the Champions League last season and the recession had the most significant impact on the club's financial performance."

Meanwhile, Swindon Town Football Club (STFC), which competes in Coca-Cola League One, has seen its total annual losses widen by 7 per cent to £3m for the year to 31 May 2009. The club has also been forced to respond to a report in the Guardian newspaper on 15 November, which claimed that developer St Modwen was set to pursue a winding up order in relation to a former Shaw Park Developments joint venture.

According to the newspaper, STFC owes the developer £2.45m loan. A club spokesperson, however, said: "Discussions between the parties have been ongoing for some time now and though no resolution has been reached, the club will continue to use all endeavours to bring the matter to satisfactory conclusion." Margate Football Club of the Ryman League Premier Division has completed the payment of outstanding debt to HM Revenue and Customs, enabling a winding-up order to be dismissed at the Companies Court on 18 November.