Sports
Rangers Report £17.2m Loss Despite £13.4m Spent On Transfers
Rangers generated just £810,000 from summer player sales, Chief Financial Officer James Taylor revealed during the club’s annual general meeting, according to PA reports.
Despite announcing a £17.2m loss for the financial year ending June 2024, the club spent £13.4m on new player acquisitions. Todd Cantwell, Connor Goldson, Sam Lammers, Robby McCrorie, and Scott Wright departed for nominal fees before the summer transfer window closed.
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Interim chairman John Gilligan reassured shareholders that Rangers “is now in a much stronger financial position.”
The club is also undergoing leadership changes, with Patrick Stewart set to begin as chief executive on December 16, and Nils Koppen, previously director of football recruitment, now serving as technical director.
Gilligan expects a long-term chairman to arrive “shortly” and have “the brief to reconfigure the board to include two further independent non-executive directors, two-three executive directors including the CEO and CFO and two-three investor directors”.
“Patrick brings a wealth of experience and knowledge having spent over 20 years working in football,” said Gilligan.
“Indeed, he operated at Manchester United for 18 years, and held a variety of senior positions there, including that of Interim CEO. We look forward greatly to him joining us, and to him leading us into a new era.
“Nils has set our men’s first team on a course to be significantly more sustainable in the years ahead.”
On the park Philippe Clement’s men’s team is 11 points behind Scottish Premiership leaders Celtic while Jo Potter’s women’s side are a point off SWPL leaders Glasgow City.
“There is no doubt it has been a challenging period for the club,” said Gilligan, who stepped in as interim chair after John Bennett relinquished his chairmanship on health grounds in September.
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“The focus of the football department is always winning trophies. There is no doubt it has been a challenging few months for us in the league and we know Philippe’s full focus is on getting more consistency in results and performances.
“There was a significant turnover of players in the summer and there has also been some bad luck on the injury front, albeit the medical and performance departments deserve credit for the improvement on our injury record so far this season.
“Our women’s first team have begun their season strongly after winning both cups last season and are well in contention to reclaim the league title once again after a strong start.”
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