Rangers fans outraged at ‘mismanagement’ after £61m reveal
Rangers fans have turned to social media to voice their concerns following the club’s reported loss of £17.2 million.
The Glasgow giants have released their annual accounts and financial statement, revealing a concerning deficit despite also reporting record core revenue of £88.3million.
However, operating expenses at Ibrox continue to soar, reaching £110million, with staff costs alone making up £61million of that total as they struggle to keep up with arch-rivals Celtic on and off the pitch.
Rangers spent £14million on the likes of Mohamed Diomande, Nedim Bajrami, and Robin Propper throughout the summer transfer window but were only able to recoup around £4million, thanks in large part to the £2.5million sale of Sam Lammers to FC Twente.
Interim Chairman John Gilligan addressed the worrying losses in the club statement: “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.“
The club have now agreed to take out a new £4million loan from investors, with a further £9million expected after that.
Rangers record worrying financial losses
Philippe Clement’s side a six points behind top two Aberdeen and Celtic as they continue to fall behind in the race for the Scottish Premier League title.
They will have a chance to catch up to Aberdeen, however, as they prepare for a visit to Pittodrie on Wednesday (October 30).
In other news, Rangers could pull off ‘massive Graham Potter coup’.
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