A lot has been said about Rangers’ finances following the release of the club’s annual report, in which Dave King and co revealed losses of £11.3m for the last financial year.
The report also revealed that operating costs more than doubled from £20m to £58.2m whilst turnover increased by 63% to £53.2m.
The report also predicts Rangers will need a further £10m this season, but the scale of investment required at Rangers is nothing we didn’t know about before.
Back in March 2014, Dave King said that a £50m investment was needed to effectively challenge Celtic.
“I think the minimum – if we get lucky – is £30m and we will probably need £50m. That would be to compete with Celtic,” he said in an interview with SportTimes [quoted by Evening Times].
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“The Rangers strategy should be a simple thing and I have discussed this with institutions. It is this: every year we have to compete with Celtic. That is the business plan.
“And that is Celtic’s business plan as well. We have to beat them and they have to beat us.”
The annual report reveals that Rangers spent £30m on transfers over the last three seasons, at a time when the club is investing heavily in the stadium and training ground and there are increased staffing costs.
There have been financial catastrophes along the way – not least Pedro Caixinha – and things have not always run smoothly.
The ongoing bitter court battle with Mike Ashley is another crutch to the club’s development.
There’s every chance catching Celtic could wind up costing more than £50m – but the point is Dave King has never been under any illusions as to the scale of the job which is required at Ibrox.
In a statement released alongside the report, Dave King threw his full backing behind Steven Gerrard. As if the £7.5m [Sky Sports] for Ryan Kent wasn’t enough.
Money aside, the right manager and playing staff are vital for making a success of the investment and Dave King knows it.
“The team must continue to evolve to meet the demands and expectations of our supporters and in Steven Gerrard, I believe we have someone who embodies everything our Club is about,” said King.
“He understands fully that Rangers is synonymous with winning and as a winner himself, he can draw from a deep reservoir of experience gained by performing at the very top of European football.”
The club and those who run it have always been clear about the level of investment it will take to get Rangers back to the top of the game in Scotland and Europe.
These latest figures are all part of the plan and we’re getting closer to operating at the level a club such as ours, in a situation such as ours, should be.
But whilst Dave King has always been clear about the scale of investment needed, his comments also prove that this must be supplemented with success.