Rangers reveal £23.5m losses in annual report
Losses have increased by £8million while revenue in down £13million
Last updated 5th Nov 2021
Rangers have cited the Covid-19 pandemic as a huge factor in their £23.5million losses in the last financial year.
The Ibrox side won their first league title in a decade but games were played in empty grounds.
It means their losses are up £8million from the previous year while revenue is down £13million.
The club revealed the figures in their annual report on the official website.
Chairman Douglas Park said: "The year to 30 June 2021 was undoubtedly and heavily affected by the COVID-19 pandemic.
"The associated negative impact on revenue (both matchday and non-matchday) was in excess of £20m, resulting in a reduction in profitability of more than £10m.
"When the current Board and investors wrestled back control of our Club in 2015, it saw before it a 10-year recovery project. Today, we consider that prognosis to be accurate."
The Ibrox side have continued to spend money as they look to improve the club on and off the park.
The report reveals £16.5million was invested into the playing squad, while £4.8million was spent on 'non-current assets' that include stadium and training ground renovations.
Park added: "Painstakingly and with unerring resolve, your Board and executive management team have undertaken the rebuilding process. Sticking to the task has been no mean feat and has been made possible with the support of our loyal investors and fans.
"Despite the manifold challenges, our football club has relentlessly strode forward. On the field of play, winning our 55th League title provided a significant milestone in this process and was the crowning achievement of our year.
"Off the pitch, notwithstanding a COVID impacted financial performance, we believe that demonstrable progress is evident from our results and activity subsequent to the reporting date of 30th June which should also be considered to fully appreciate our advancement".
The annual report added that Rangers are expected to require £7.5million in funding by the end of the season to meet liabilities but the board has reached agreement with Park and fellow director John Bennett to provide loan facilities to meet the shortfall.