Rangers' £6m saving on wages has been "partially offset" by the failure to advance in the Champions League along with the renting of Hampden Park and the Copland Stand building work.
It has been revealed - by chief financial officer James Taylor at a fan advisory board meeting - that the major cut on wages has not resulted in a complete clawback on funds with money required to be used elsewhere.
The playing squad salary cost in the 2023/24 season totalled c£41m with this term the figure standing at c£35m.
On paper, in club accounts, it means £6m has been saved by the club. However, Taylor told those at a FAB meeting that the building works on the Copland Stand and European failure meant savings were somewhat offset.
Rangers were knocked out of the Champions League in third play-off round by Dynamo Kyiv back in August. That meant no qualification bonus for the play-off round and missing out on the huge fee for competing in the league phase of the revamped UEFA competition.
Philippe Clement's side are instead competing in the league phase of the Europa League.
The Copland Stand building work was then delayed as shipping of materials was late in arriving leading to Rangers having to host 'home' matches at Hampden at the start of the season - at a cost to the saving measures.
Despite the deficit being offset, the minutes from the meeting state "substantial progress" is being made in aligning the wage bill with sustainable levels.
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The Copland and Euro issues meant the "full realisation" of cost-saving measures was not wholly felt or demonstrated in club accounts.
"The club has made substantial progress in aligning its wage bill with sustainable levels, achieving a reduction of approximately £6m on a current run-rate basis compared to the previous season.
"This adjustment reflects a commitment to financial stability and ensures resources are allocated effectively across the club.
"However, the benefits of this normalisation were partially offset by the financial impact of missing the UEFA Champions League Playoff round and costs associated with the Hampden and Copland developments.
"These challenges limited the full realisation of the club’s cost-saving measures."
