Rangers have this evening dropped their annual financial report.
The club shared their 31-page document for shareholders and supporters to read into and offered an insight into the funds at Ibrox.
Interim chairman John Gilligan provided comment as a backdrop to the released information.
And he described it as a challenging period for the club as they have had to deal with ‘significant change’ on and off the pitch including losing key members of staff as well as moving home matches to Hampden due to work delays at Ibrox.
The financial information shows the club made a £17million loss from their 2024 accounts.
Staff costs run into the amount of around £61m while total costs are closer to £96m.
The accounts do show off record revenue of £88.3m and record total income of £94.2m. And the club also brought the pre-trading loss down from £10.5m to less than £2m.
There is also no outstanding litigation claims for first time in over a decade following settlements.
But Mr Gilligan still reflected on the tough time, telling the club’s website: “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.
Rangers recorded a loss of £17million in their annual financial report
“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.
“In addition, 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 club are free of legal battles for the first time in over 10 years
“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.”
You can read the full report here.
