We’ve spoken about FFP and Rangers’ fiduciary position the past little while, but exactly where do the club stand regarding transfers and remaining within the rules.
So it all began back in 2024, when UEFA introduced new rules. You were not allowed to spend more than 90% of your income. That’s right, you had to profit at 10% to remain inside the legislation.
The actual FFP began back in 2011 when UEFA realised clubs like PSG, Man City and others could just buy their way to trophies thanks to bankrolling from wealthy owners.
Stopping breaches
They put a stop to that by introducing Financial Fair Play to ensure clubs spent within their means.
They then tightened this up in 2024 by reducing the break even to a profit. AKA you couldn’t just match your outgoing with revenue, your revenue had now to be 10% higher than your outgoing. In 2025 it became 80%, and this year it’s been 70%. So clubs must make 30% profit.
Rangers’ numbers around summer 2025 were at 56.51%. This was well within the rules.
But because the numbers in summer 2022 were too high Rangers were placed on a watch list. In 2023 the club had it down to 59.93%. Clubs whose numbers consistently went above 50% were being monitored, and Rangers got on top of this, getting that down by 2025 to 56%.
We don’t have numbers post summer 2025 but we do know Rangers spent around £36M (summer and winter) and sold circa £25M (summer). Over two windows the club invested £36M, and the headroom that was stated over the 3-year period was just €25M.
Taking Care
This means Rangers still have to be mindful.
There is breathing space here, but principally Rangers do not want to spend much more without generating revenue.
Not only does it keep UEFA happy, but a matter of principle sees the owners not just wanting to inject equity in there. In short, investors and owners want to see a return on their cash. A black hole of investment doesn’t work.
Rangers’ owners understandably do not want to buy more without selling. There is a little wiggle room, but Rangers need to be mindful that not only is the club financially living within its means, but that the lessons of the past are learned. And that we keep UEFA sweet.
Morale of the story is Rangers are fine for now, but will be run far more carefully.
NB: Big thanks to Robert for his legwork for a great portion of this piece.