Rangers Announce Operating Losses

The Ibrox club clinched a first top-flight title in a decade last season, but revenue declined by almost 20% against the backdrop of Covid-19.

Given that fans were unable to attend for the entirety of the 2020/21 season, the club were unable to maximise their revenues.

The Scottish champions estimate that the pandemic impacted the large net loss by more than £10m.

They also forecast that a further £7.5m is required by the end of this campaign to cover costs.

Rangers’ annual report read “The associated negative impact on revenue (both matchday and non-matchday) was in excess of £20m, resulting in a reduction in profitability of more than £10m.”

However, an agreement is in place with chairman Douglas Park and fellow director John Bennett to provide loan facilities to meet the shortfall, and the board insist the club remains on track for financial stability by 2025.

Douglas Park added: “The past year has continued to bring unprecedented challenges to our club. The pandemic wrought a profound impact on our club, both on and off the field of play and its effects continue to be felt.”

This time last year, Rangers announced an operating loss of close to £16m.

The latest figures show that the Scottish champions relied on almost £21m from directors and shareholders, with the club explaining that there is a “reasonable expectation” that there will always be “adequate resources to continue in operational existence for the foreseeable future”.

Despite income being hit, the board did manage to strengthen the first team squad, with around £17m spent on players during the period.

Rangers also continued to make improvements off the park, with £5m spent on improving Ibrox Stadium and the new Edmiston House project.

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