Rangers have been hit with a financial blow ahead of their trip to Pittodrie tonight with news that the club lost more than £17million last year.
Despite record revenue, the Glasgow club posted a £17.2million net loss - up from £4.1million the previous year.
Rangers' annual accounts highlight a "record core revenue of £88.3million, record total Income of £94.2million" and "record commercial revenue of £67million - double digit growth", with chief finance officer James Taylor describing it as "a stunning performance".
But, despite managing to keep cost increases "to just 1%", they still had pre-player trading loss of £2million, although that was down from £10.5million in 2022-23.
The £17.2million loss came despite implementing the first part of cuts to the first-team squad, with a player trading loss of £8million contributing to the overall figures.
"Realignment of costs has been made across the business, but particularly in the first-team squad cost, which reduced by £2.5million," the annual report states.
"This is anticipated to reduce by a further £6million in the coming year since the summer 2024 transfer activity."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 39-points at 8,180 shortly after opening this morning.
Brent crude oil futures were up 0.54%, trading at $71.11 a barrel.
Companies reporting today
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Computacenter | Q3 Trading Statement |
Eli Lilly | Q3 Results |
Glencore | Q3 Production Report |
GSK | Q3 Results |
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Microsoft | Q1 Results |
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Standard Chartered | Q3 Results |