McAvennie: I've been taken aback by Rangers financial transformation
Frank McAvennie claims Rangers are heading in the right direction financially and has been blown away by their transformation from the doldrums.
The former Celtic striker, speaking exclusively to Football Insider, added that Gers fans should be pleased that their club kept their identity despite falling through the lower leagues.
With clubs suffering financial stress as a result of the coronavirus pandemic, some sides are looking for new ways to boost their economic status.
As a result, Rangers have updated the terms of the My Gers membership scheme so that any funds raised from memberships can directly help Steven Gerrard in the transfer market.
Last week, it was announced that money from every My Gers membership would support the first team’s transfer budget and McAvennie sees this as a good idea from the club.
“I think it’s a good move,” McAvennie told Football Insider correspondent Dylan Childs.
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“They’re doing well, they’re still in the Europa League so they’ve got money coming in from there.
“It’s going to take a few years for Rangers to get anywhere near to a level footing (with Celtic).
“You can slag them off all you want but they’ve done what they’ve done this year and Celtic never gave them a chance but it’s going to be a few years before they get on financial terms.
“The fans have got to say, the club were away down the bottom leagues and they never changed their name and they kept their identity.
“I don’t know how they’ve done it, you’ve got to say well done. It’ll take them a while to get there financially but they’re going in the right direction.”
For the year ending 30 June 2020, Rangers confirmed that revenue had increased from the previous year to £59million but they posted a loss of £15.9m, an increase of £4.3m on the 2018-19 campaign.
The Europa League netted the Light Blues £20.7million last season as they reached the competition’s knockout stage.