Rangers have announced an operating profit of nearly £6million and a club record turnover of £86.8m for the year to June 30.
The new figures represent an vast increase on the £27.6m operating loss last year with the club making two record player sales across the last 12 month period and reaching the Europa League Final last season. Nathan Patterson departed the club last January for a move to English Premier League club Everton before Calvin Bassey's big money summer switch to Ajax then broke the record set by the former Rangers kid and Scotland international. Joe Aribo also said his goodbyes after joining Southampton.
Champions League involvement and prize money from competing at Europe's top table is not factored into these account results with chairman Douglas Park delighted with the 'success and progress' over the last 12 months to strengthen the financial position at the club.
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The Rangers chief said: "I am delighted to be reporting a club record turnover of £86.8m for the year to June 30, 2022. From this revenue, we returned an operating profit of £5.9m which represents an improvement of £27.6m on last year’s operating loss. This demonstrates the success and progress achieved over the last 12 months.
"During the year to June 30, 2022, we have raised new equity of £10.1m and taken on new debt of £3.6m to strengthen our financial position.”
In a club statement, he continued: “The past year has provided many highs and lows, along with challenges both on and off the park, but ultimately, I believe we are continuing to grow stronger as a club.
"This time last year, I repeated my belief from 2015 when this current board took control of the club, that this would be a 10-year recovery project.
"While there have been moments in the last year that have exceeded both my own and the board’s expectations (with specific reference to the Europa League run to the final) we cannot, and will not, stand still and continue to have so much more to do.
"Assisting us on that path are our strong executive team and talented staff both at Ibrox and at the Rangers Training Centre. Rangers was created by four pioneers, and it should be and is the aim of every single employee of the club to continue in that spirit.
"Beginning on the pitch, we appointed Giovanni van Bronckhorst as our football manager last November. As well as delivering us the Scottish Cup for the first time in 13 years he also, as I touched on earlier, gave the club a thrilling European journey where we came within a kick of winning only our second European trophy.
"This season, under Gio’s leadership, he and the players returned us to the UEFA Champions League for the first time in 12 years by navigating two difficult qualifying rounds in August.
"Our ‘player trading model’ is something your board mention on a number of occasions. On joining the club, Ross Wilson, our Sporting Director, was mandated by the board to build a modern football department.
"Player trading success was essential to this, as it is a key revenue stream for the majority of European clubs. We are pleased that in the last 12 months, we have achieved two club record sales through our player recruitment and player development processes.
"Our Academy continues to perform strongly, with Leon King the latest Academy graduate to make the breakthrough to become a regular fixture in the first team matchday squad. Encouragingly, 14 players from the Academy have made appearances for the first team since the start of season 2021/22.
"The introduction of our B team into the Lowland League has been a fantastic success with the team being challenged week-in, week-out. Additionally, qualification of our first team for the UEFA Champions League group stages opened the door for our under-19s to feature in the UEFA Youth League group stages for the first time.
"Our women’s football operation is something the Board are very passionate about. Led by Amy McDonald and Malky Thomson, the club won our first SWPL title in May, and were exceptionally unlucky not to qualify for the UEFA Women’s Champions League group stage after a valiant effort against Benfica in qualifying.
"Our entire football operation, led by Ross Wilson, now operates in a world-class environment at the Rangers Training Centre. The board is committed to further improvements to ensure we retain a facility among the very best in the UK.
"Off the field, and allied to performance on the pitch, we have continued to make enormous strides."
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