Rangers’ accounts were healthy, even if events on the pitch are on a knife edge

Rangers’ accounts were healthy, even if events on the pitch are on a knife edge
GLASGOW, SCOTLAND - NOVEMBER 22: A general view outside the stadium prior to the Ladbrokes Scottish Premiership match between Rangers and Aberdeen at Ibrox Stadium on November 22, 2020 in Glasgow, Scotland. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Mark Runnacles/Getty Images)

Things may not be going entirely to plan on the pitch for Rangers, as they trail league leaders and rivals Celtic by some margin, but off the pitch, things are certainly looking more positive. That’s because the Ibrox club’s accounts have shown a substantial profit of nearly £6 million for the previous 12 months.

It was only last year when results of accounts reporting made for grim reading, with Rangers, like many football clubs, posting significant losses. The operating loss at Ibrox, as a result of the global health emergency the year previous, came in at a whopping £23.5 million. But fast forward a year, and a profit of £5.9M has swelled the coffers. The growth of the club revenues have been reflective of the growth of other areas of the sector, no more so than the increasing amount of business seen by licensed online sportsbooks on matches, which shows everything is moving forward post-pandemic.

The pressure was too great on manager Gio van Bronckhorst, but since the Dutchman was appointed as Steven Gerrard’s replacement, revenue has almost doubled in size to £86.8 million. In the period that rise has occurred, Rangers have reached the Europa League final, where they lost to Eintracht. They have also sold Nathan Patterson and Calvin Bassey for multi-millions too. Both the sales were club records, one after the other, which was another plus at the time in terms of income.

At present, it will be next year’s accounts which see the money from the record sale of Bassey to Ajax entered. Also included will be the TV money from Rangers’ Champions League qualification too, which will be another significant boost to the bottom line. So the signs are certainly promising when looking ahead at what’s to come, although matters on the pitch must improve too.

But with all focus on the latest accounts, Douglas Park, Chairman of Rangers, was keen to point out how pleased he was with what he saw,

“I am delighted to be reporting a club record turnover of £86.8 million for the year to June 2022.

“From this revenue, we returned an operating profit of £5.9 million, representing an improvement of £27.6 million on last year’s operating loss. This demonstrates the success and progress achieved over the last twelve months. During the year to June 2022, we have raised new equity of £10.1 million and taken on new debt of £3.6 million to strengthen our financial position.”

Returning to the Champions League after making it via two qualifying rounds and securing the TV money will be pivotal in terms of Rangers’ financials in the coming months. And while they didn’t progress from the group stage, it was the first time the feat was managed in over a decade. Repeating that next season would be another huge plus, but at the same time, it remains a tough ask. And it remains to be seen who will replace Gio as we move forward

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  1. Pretty sure there is another tranche of money on the way in january ,CL monies and instalment of tranfers ? the new manager will ger a decent amount I think ,he will need to .

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