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Financial Woes Revealed
Rangers supporters are expressing deep concerns after the club disclosed a staggering loss of £17.2 million in their latest financial report. Despite achieving record core revenue of £88.3 million, the Glasgow giants are facing significant financial challenges.
Soaring Expenses at Ibrox
Operating expenses at the iconic Ibrox stadium have surged to £110 million, with staff costs alone accounting for £61 million. This financial strain comes as the club struggles to keep pace with their fierce rivals, Celtic, both on and off the pitch.
Transfer Spending and Recovery
During the summer transfer window, Rangers invested £14 million in players such as Mohamed Diomande, Nedim Bajrami, and Robin Propper. However, they managed to recoup only around £4 million, primarily from the £2.5 million sale of Sam Lammers to FC Twente.
Leadership Acknowledges Challenges
Interim Chairman John Gilligan addressed the financial difficulties in the club’s statement, acknowledging the challenging period marked by significant changes both on and off the field during the 2023/24 season.
New Loans in the Pipeline
In a bid to stabilise their finances, Rangers have secured a new £4 million loan from investors, with an additional £9 million expected to follow. This move is crucial as the club seeks to navigate its current financial landscape.
Struggling in the League
As the season progresses, Philippe Clement’s side finds themselves six points adrift of the top two teams, Aberdeen and Celtic. However, an upcoming match against Aberdeen at Pittodrie offers a potential opportunity to close the gap.
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