Rangers FC has announced a net loss of over £17m, despite new highs reported in revenue and income in its annual report 2024.
In its annual accounts, ending 30 June 2024, the Scottish football club posted a net loss of £17.2m, which is an increase from a £4.1m net loss the previous year.
However, this loss was made while the club posted a record core revenue of £88.3m, a total income high of £94.2m and a record commercial revenue of £67m, showing substantial growth in these areas.
A crucial factor distinguishing the 2024 financial year from 2023 can be found in the area of player trading. For the year ending 30 June 2024, Rangers only made £5.63m from selling player registrations, a significant drop from £23.6m the previous year.
In terms of overall financial health, Rangers’ pre-tax loss increased by £14.19m compared to the prior year. If they had achieved the same profit from player sales as the previous year, Rangers would have reported a pre-tax profit instead of a loss.
Rangers are also currently without a Chief Executive after James Bisgrove departed for a role in Saudi Arabia back in May. The club doesn’t currently have a permanent Chair either, as John Gilligan is filling the position on a temporary basis after John Bennett resigned due to health issues in September.
Furthermore, there is a vacancy in the position of Director of Football Operations following the exit of Creag Robertson.
Gilligan pointed to these positions, describing the year as a “challenging period for the football club with significant change occurring both on and off the park”.
On a positive note, Rangers are no longer facing any litigation claims for the first time in over 10 years. In August, the club resolved a dispute with the administrators of Elite Sports Group regarding their Hummel brand kits.
Additionally, the club’s record revenues indicate success, even if it isn’t reflected on the pitch right now. Rangers credit this achievement to solid performance across various sectors, including ticketing, hospitality, corporate sales, soccer academies, events, Rangers TV and retail.
So far this year, the club has looked to continue to improve its revenue, signing several deals. Last month, Rangers extended its long-running partnership with Swedish international gaming firm Kindred.
Gilligan also expressed regret to fans for the delays in finishing the Copland Road Stand, which resulted in relocating four matches to the national stadium at Hampden Park.
He said: “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.”
