Rangers get extra £2.9m as new Ibrox paperwork filed – sources
Rangers managed to reduce their overall wage bill by £2.9million last season as part of the cost-cutting measures at Ibrox, sources have told Football Insider.
The Scottish giants released their latest accounts for 2023-24 on Tuesday (29 October), revealing their core revenue increased from £83.8million in 2022-23 to a record-breaking £88.3million and total income of £94.2million.
That was driven by a double-digit growth in their commercial revenue to £67million.
But Rangers’ net losses rose by £4.1million to £17.2million in 2023-24, while their pre-player trading losses reduced to £2million from £10.5million.
The Glasgow side brought in 12 new signings last season, with former manager Michael Beale spending around £13million on bringing in Danilo, Cyriel Dessers, Sam Lammers and Jose Cifuentes.
That was around £2million more than they managed to generate in player sales following the permanent exits of Glen Kamara, Fashion Sakala and Antonio Colak.
But Rangers did manage to cut their overall staff wage bill from £64million in 2022-23 to £61.1million last season, marking a £2.9million saving on their annual salary expenditure.
That was aided by a reduction in the number of professional players on their books from 102 to 97, with their player wage bill falling from £56.5million to £54.5million.
Rangers expected to reduce wage bill again this season
The wage bill is expected to drop again this season following several high-profile departures over the summer.
John Lundstram, Borna Barisic, Ryan Jack, Jon McLaughlin and Kemar Roofe left the club following the expiration of their contracts, while Sam Lammers, Todd Cantwell, Scott Wright, Connor Goldson and Robby McCrorie were all sold.
Rangers have endured a difficult past few months after chairman John Bennett stood down on health grounds and they remain without a CEO following James Bisgrove’s departure earlier this year.
Director of football operations Creag Robertson is now also set to leave Ibrox at the end of this year, leaving temporary chairman John Gilligan with little support as he looks to steer the ship.
Finance expert Stefan Borson told Football Insider Rangers could soon face a “very toxic” situation if they can’t quickly resolve their boardroom issues.
The uncertainty behind the scenes appears to have affected matters on the pitch as Philippe Clement’s side currently sit third in the Scottish Premiership table, six points behind Celtic and Aberdeen.
But they have recorded some success in Europe, having won two of their opening three Europa League group stage games.
Football Insider revealed on 25 September Rangers could earn more than £12million if they make it through to the knockout rounds of the competition this season.
In other news, Graham Potter “attracted by massive Rangers job”, says pundit.
For more Rangers and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.