Rangers reveal £17m loss as annual accounts published by Ibrox club

Rangers have published their annual financial results, detailing a £17.2m loss but noting record revenues.

The figures, which were released to the London Stock Exchange, report a total income of £94.2m alongside the record revenue of £88.3m but a lack of significant player sales has impacted on the club.

The 17.2m loss is a rise from £4m in the previous year’s accounts.

While revenue has increased, and wages overall have come down slightly to £61.2m, the total operating expenses sit at £110m.

The club also said they were “free of any litigation claims for first time in over a decade” after settling a legal dispute with Elite Sports Group Ltd, owners of kit brand Hummel, in August.

Interim chairman John Gilligan, who stepped into the role following the departure of John Bennett earlier this year, admitted a difficult year for the club with challenges on and off the park. In his remarks accompanying the annual report, he noted changes in the club’s hierarchy but said that there was “a strong executive team” in place to help move the club forward.

Gilligan also said that the club was continuing to look for “an outstanding candidate” to take on the vacant chief executive role at Ibrox.

Gilligan said: “Undoubtedly, it has been a challenging period for the football club with significant change occurring both on and off the park throughout both season 2023/24 and over the summer months.

“As part of these changes John Bennett stepped away from his role as Chairman in order to focus on his health.

“John remains a supportive shareholder and investor in the club and I’d like to place on record my thanks for his leadership both as Chairman and a Director over the past nine years. We look forward to welcoming you back to Ibrox.

“We have had a number of changes in senior leadership positions with the CEO, James Bisgrove, departing to join Al-Qadsiah in the Saudi Premier League and Creag Robertson recently departing as our Director of Football Operations. We wish both James and Creag all the best in their future careers and thank them for their efforts with the football club.

“Whilst we continue our search for the outstanding candidate for the CEO position, we retain a strong executive team within the football club led by our Chief Financial Officer, James Taylor, Chief Commercial Officer, Karim Virani and our Director of Football Recruitment, Nils Koppen. All three were recruited in the period under review, and, as you can see from our underlying performance, there have been significant steps made in a short period of time in delivering against our strategic objectives.

“The challenges encountered with the redevelopment of the Copland Road stand have been well documented, and as a Board we once again apologise to our supporters for the inconvenience caused by the delays in returning to our home. The support received at Hampden was outstanding and epitomises the link that our great club has with our supporters. I’d also like to once again place on record my thanks to the SFA, SPFL and UEFA for their understanding and support through this period.

“With the Copland Road stand now complete, we are extremely proud of the work undertaken to upgrade and improve the facilities for our disabled supporters. They truly are now some of the best facilities in Europe and are evidence of the Board’s commitment to continue to modernise and improve Ibrox and the wider campus.”