Rangers make ‘big’ decision after £17.2m Ibrox reveal – sources
Rangers chiefs Fraser Thornton and Patrick Stewart will be looking to reduce the club’s wage bill following the well-documented financial struggles at Ibrox, sources have told Football Insider.
Thornton, who is a chartered accountant with experience working in the drinks industry, has taken on the role of chairman following John Bennett’s departure in September.
Meanwhile, former Manchester United chief Stewart has replaced James Bisgrove as chief executive after he left the club in May, with the new hires both starting work at Ibrox on 16 December.
Their arrivals come at a time when Rangers’ financial situation has been firmly in the spotlight following the reveal of their latest accounts.
The Glasgow side’s revenue reached a record-breaking £88.3million for 2023-24, but their net losses rose by £4.1million to £17.2million across the same period.
Although Rangers did manage to cut their overall staff wage bill from £64million in 2022-23 to £61.1million last season, that means their salary expenditure still made up almost 70 per cent of their revenue.
Sources have told Football Insider that is a “big issue” for the club that will need to be addressed as Thornton and Stewart look to improve the financial situation at Ibrox.
Rangers could land significant windfall after Europa League success
The difficulty for the new Rangers chiefs will be maintaining the balance of having a competitive wage bill to compete with Celtic while putting the club on a stronger financial footing for the future.
Brendan Rodgers’s side had a wage bill of £65.6million last season, but they posted a new club-record revenue of £125million and a £17.8million pre-tax profit.
The financial gap between the Old Firm rivals is likely to increase this season due to Celtic’s participation in the Champions League.
Finance expert Stefan Borson told Football Insider Rangers will earn significantly less in the Europa League than the £50million he expects Celtic to make from the Champions League in 2024-25.
Philippe Clement’s side have, however, enjoyed a strong start to the revamped league phase of the Europa League, having won three and drawn two of their opening six 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, update emerges on Rangers making January defender signing.
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