Rangers director of commercial and marketing James Bisgrove has dropped an accounts tease after confirming that the club’s commercial revenue has increased ‘dramatically’ in the past 18 months [Four Lads Had a Dream].
All clubs around the world have been hit hard during the pandemic, with matchday revenue plummeting due to the absence of fans.
It’s just as well, then, that the Gers have Bisgrove on board to negotiate lucrative sponsorship deals and partnerships.
Since his appointment in 2019, an array of new relationships have been struck with companies based all around the world – from established brands like Titleist and Molton Brown to ambitious newcomers like Bitci Technology and Castore.
In an interview with Steven Clifford of Four Lads Had a Dream, the Rangers director suggested that agreements like these have had a major positive impact on the club’s finances.
“Yes, commercial income has dramatically increased in the last 18 months, driven primarily by commercial partnerships, and the new kit and retail deal with Castore,” responded Bisgrove when asked if annual commercial income was now approaching the £10m mark.
“We can’t comment on the financial values linked to commercial contracts but the increase in commercial income has been significant and would be reflected in the next accounts. It should be mentioned however that COVID has impacted the scale of the growth.”
Bisgrove puts the turnaround down to three factors: an increase from ten to 30 commercial partners including several new ‘top tier’ partners, a ‘revolution’ of the club’s commercial strategy and the structure of the Castore deal providing a significant share of sales.
This is fantastic news for Rangers and rather than preparing for the publication of the club’s accounts with a sense of dread as they have in the past, fans can look ahead with a sense of excitement to the day a tangible number is put on Bisgrove’s impact.
Barely a week seems to go by without the announcement of a new deal of some kind and it’s clear that a lot of time and effort has been put into improving this side of the club.
Rangers are already in a stable position but if they can qualify for the Champions League group stages and perhaps register a net profit from the summer transfer window, they will back up the impressive work done by Bisgrove on the commercial front.