Rangers have released their latest set of financial results, reporting record revenues but a significant year-on-year loss.
The accounts released show the club has made a £17.2m loss.
Interim chairman John Gilligan released a coinciding statement to the London Stock Exchange which reflected on the annual accounts.
Group revenue has increased though, to a record £88.3m and record total income of £94.2m.
Chief Financial Officer James Taylor spoke to RangersTV following the release of the club's annual accounts. pic.twitter.com/2dx4NEwmwJ
— Rangers Football Club (@RangersFC) October 29, 2024
On the transfers front, pre-player trading loss reduced to £2m – down from £10.5m in 2022/23.
The full list of accounts can be viewed here.
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."
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Gilligan added: "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.”
Reflecting on the news, Rangers' chief financial officer James Taylor said: "This year I am pleased to announce that we have delivered record revenue of over £88 million into the football club and taken together with one of recurring items we have actually delivered over £93 million of revenue."
Commenting on the £17m loss, he added: "That's a good question and again I think the thing to highlight here is there was a £17 million bottom line post-tax loss this year and that number whilst again is something that we should acknowledge and observe, is something that we recognise and understand how we're going to move forward and fix and again a lot of that loss is coming down to the impact of the player trading model in this year taking impairments on players from the recent past that we've moved on in the summer."
Taylor stressed the need for Raners' player-trading model to improve in order to provide financial stability. While the club have made significant sales in the form of Calvin Bassey, Nathan Patterson and Joe Aribo, over 10 players have walked out the door for free in the past two seasons.
"Now we need to look at how are we going to develop players, how are we going to enhance our value, how are we going to make them successful. Not only in the here and now but also over the next two to three years so that we can start creating a virtuous circle of making sure that we develop players selling them at a higher value and ultimately lead to a gain through the accounts which you'll see through the accounts which can actually deliver us more investment and continue that virtuous circle as I mentioned."
