Revealed: Rangers have £13m to spend ahead of January after Ibrox announcement
Rangers have £13million in the bank in the bank after posting record-breaking financial results, according to the club’s newly-published accounts.
The Glasgow giants have announced a huge climb in turnover to £86.8m and an operating profit of £5.9m following many years of recording losses.
For the year ending 30 June 2022, Rangers confirmed that group revenue had increased from the previous year’s £47.7m and there was a huge improvement on the loss of £23.5m in the previous reporting period.
Analysis of the Rangers accounts from Football Insider has showed the club have a relatively strong liquidity position with £13m of cash in the bank.
That leaves the club well placed to strengthen Giovanni van Bronckhorst’s squad in the January window should the club continue their overhaul of the summer.
The board have pointed out that there has been investment of over £24m in the playing squad over the last two years.
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Multi-million pound 2022 signings included Ben Davies, Ridvan Yilmaz, Rabbi Matondo and Antonio Colak.
Nevertheless, Rangers also made more money from player sales and twice broke their record for sales with the transfers of Nathan Patterson and, then, Calvin Bassey. Following the end of the financial year, Joe Aribo then moved to Southampton.
Rangers are beginning to match the player trading model of Celtic, buying players at relatively inexpensive fees, developing them and then selling at a profit.
The club are aiming to move away from shareholder or director loans to finance the day-to-day running of the club.