Rangers make £17m loss as John Gilligan admits 'challenging period' in annual report
Rangers have made a loss of £17million as the club released their 2024 annual report.
The Ibrox club announced their latest set of financial results today which includes record revenue of £88.3m and record total income of £94.2m. Gers admitted last year that their staggering pre-trading loss of £10.5m was "not sustainable" and the club have made in-roads over the last 12 months, reduced to less than £2m. However, the accounts released show an overall net loss of £17.2m.
In a statement, interim chairman John Gilligan reflected on a difficult year for the Govan outfit as he 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.
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“In addition, 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.
“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.”