Rangers finances revealed: eight-figure loss, record revenue, player trading and sacked managers

The bottom line is that despite announcing record revenues for a second year running, the Ibrox side has another eight-figure loss after the financial figures for the year ending June 30, 2025 were released on Friday afternoon.

Despite bringing in income of £94.1 million, which was up from £88.3 from the previous year, Rangers still posted a loss of £14.8m - an improvement from the £17.2m twelve months previously.

Rangers’ profit before trading was £2.7m in comparison with a £2m deficit last year and another significant difference was an operational cash flow of £12.1m (versus -£7.7m) and a closing cash balance of £30.5m (versus £1.7m). The main reason for this is the equity injection at the end of May from the new ownership group, who have put their money where their mouths are as they try to reinvigorate the club.

Unlike in previous years, where Rangers have posted worrying losses but with little reserves of money, this allows them to stay within UEFA cost control regulations given the size of the loss versus the balance sheet. Nevertheless, it comes as no surprise that Rangers remain focused on driving that loss figure down. There simply can be no other way.

The sales of Hamza Igamane to Lille, Jefte to Palmeiras, Ridvan Yilmaz to Besiktas and Cyriel Dessers to AEK Athens towards the end of the transfer window brought in more than £20m, although it must also be stressed that Rangers spent heavily on Emmanuel Fernandez, Thelo Aasgaard, Youssef Chermiti, Djeidi Gassama, Bojan Miovski and Oliver Antman. Those deals are not reflected in the latest set of accounts but will have a large bearing - potentially positive - on next year’s.

Rangers reliant on strong trading model

The departures of senior players such as Dessers, Leon Balogun, Ianis Hagi and Tom Lawrence - some of which were brought in during Champions League campaigns - have helped keep the wage bill in check. It is clear that Rangers are continuing down a strategy of unearthing young players with significant sell-on potential. The sale of Igamane and the profit of nearly £10m is the best example of such a tactic working. The key is replicating it again and again.

Rangers have to keep a close check on squad cost to comply with UEFA guidance but are understood not to be close to the 70 per cent cap in relation to revenue. Breaching such rule would bring in sanction from European football’s governing bodies. The Ibrox side were on a watchlist alongside 19 other teams as recently as three years ago.

Rangers’ main source income continues to be matchday revenue, particularly on the continent. The club reached the quarter-finals of the Europa League last season and that performance had a tangible bearing on cash coming in through gate receipts, prize money and TV windfall. This was only the second season since returning to Scotland’s top flight in 2016 that Rangers made a pre-trading profit - the only other occasion being the 2022 run to the Europa League final.

While the club has also improved on its commercial deals and is performing slightly better in the transfer market, there can clearly be no denying how crucial progress in Europe is. It will therefore come as a major concern to Rangers that after four rounds of fixtures in this season’s Europa League, they have zero points. The bean counters in Ibrox would dearly love some positive results in their next matches against Braga, Ferencvaros, Ludogorets Razgrad and Porto.

Changing managers also continues to prove costly. Since Steven Gerrard left Rangers at the end of 2021, Giovanni van Bronckhorst, Michael Beale, Philippe Clement and Russell Martin have all been sacked. Some of those former bosses and their staff remain on the wage bill. Severance fees continue to weigh the Ibrox purse down.

Nevertheless, Rangers are still planning to be active in the January transfer window - both ins and outs. Sitting fourth in the Premiership after a disastrous start to the season, a lot of catch-up work is required to gain ground on runaway leaders Hearts and also Celtic. Many of the new recruits under new sporting director Kevin Thelwell have flattered to deceive, although domestic results have picked up since Danny Rohl was appointed as head coach last month.

What Rangers can take some comfort from is that unlike under previous regimes, they have rich owners who can prop up such unpalatable financial figures. Yet much like on the pitch, Rangers have much to prove off it in the coming months as they attempt to rectify poor results.