The 3 major Rangers setbacks amid record £17m loss as finance chief breaks down released annual account
The Ibrox club have released their latest batch of financial figures – and it doesn’t make for positive reading
Rangers chief financial officer James Taylor has revealed three main factors have severely impacted the club’s annual accounts following the release of their latest report for the year ending 30 June, 2023 on Tuesday evening.
Taylor has provided supporters with the ins and outs in a lengthy interview on RangersTV after the club announced a significant £17.2 million loss, highlighting an early Champions League exit, the Copland Road stand construction work and a temporary rehoming at Hampden Park as major setbacks that will make their efforts to break even an uphill challenge.
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During the summer transfer window, manager Philippe Clement moved on several high wage earners including the likes of Connor Goldson, Kemar Roofe and Borna Barisic with the Belgian’s recruitment drive centered on bringing in replacement on a much lower wage bracket in order to bring down the overall cost of the first-team wage bill.
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Rangers have outlined an objective to reach a point that will allow them to break even pre-player trading but Taylor admits it will prove difficult due to the length of time it took to carry out the Copland renovation works, playing ‘home’ games during the opening months of the season at the national stadium and Champions League elimination to Dynamo Kyiv which meant they missed on a huge cash injection.
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Quizzed on how he and the board ensure the club remains on a secure financial footing for the years to come, Taylor said: “I think the thing to highlight here is there was a £17million bottom line post-tax loss this year. That number – whilst again is something we should acknowledge and observe – is something that we recognise in and understand how we are going to move forward and fix.
“A lot of that loss is coming down to the impact of the player trading model and this year taking impairments on players from the recent past that we have moved on in the summer. Again, one of the big talking points over the summer has been the normalisation of the first-team wage bill from the clubs perspective.
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“That has allowed us to look at how are we are going to move forward in a sustainable manner and in a manner that allows us to get to a break even point pre-player trading. Which again is a stated objective. It will be challenging this year given the nature of the Copland works, Hampden and indeed the Dynamo Kiev result. That will be challenging but it is something we are focussed on and looking to achieve.
“For us as a football club we have to get to a point that we have an operating model that is sustainable and successful. We then have the football side of the business that generates on the players sides that generates us gains over a five-year cycle. If we deliver that we can then start bolstering our balance sheet and accelerating investment and look at various different ways of further enhancing the opportunities of the capital available to the first team.”
Interim chairman John Gilligan released a coinciding statement to the London Stock Exchange which reflected the year-on-year loss on the annual accounts. A slight positive is that group revenue has increased to a record £88.3m and record total income of £94.2m. On the transfers front, pre-player trading loss reduced to £2m – down from £10.5m in 2022/23. The full list of accounts can be viewed here.
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Gilligan said: “Undoubtedly, it has been a challenging period for the football club with significant change occurring both on and off the park throughout both season 2023/24 and over the summer months.
“As part of these changes John Bennett stepped away from his role as Chairman in order to focus on his health. John remains a supportive shareholder and investor in the club and I’d like to place on record my thanks for his leadership both as Chairman and a Director over the past nine years. We look forward to welcoming you back to Ibrox.”
He added: “We have had a number of changes in senior leadership positions with the CEO, James Bisgrove, departing to join Al-Qadsiah in the Saudi Premier League and Creag Robertson recently departing as our Director of Football Operations. We wish both James and Creag all the best in their future careers and thank them for their efforts with the football club.
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“Whilst we continue our search for the outstanding candidate for the CEO position, we retain a strong executive team within the football club led by our Chief Financial Officer, James Taylor, Chief Commercial Officer, Karim Virani and our Director of Football Recruitment, Nils Koppen. All three were recruited in the period under review, and, as you can see from our underlying performance, there have been significant steps made in a short period of time in delivering against our strategic objectives.
“The challenges encountered with the redevelopment of the Copland Road stand have been well documented, and as a Board we once again apologise to our supporters for the inconvenience caused by the delays in returning to our home. The support received at Hampden was outstanding and epitomises the link that our great club has with our supporters. I’d also like to once again place on record my thanks to the SFA, SPFL and UEFA for their understanding and support through this period.
“With the Copland Road stand now complete, we are extremely proud of the work undertaken to upgrade and improve the facilities for our disabled supporters. They truly are now some of the best facilities in Europe and are evidence of the Board’s commitment to continue to modernise and improve Ibrox and the wider campus.”
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