Rangers Post Record Revenue But Still Report £14.8m Annual Loss

Rangers have announced record revenue of more than £94 million for the 2024–25 financial year, but despite the sharp rise in income and tighter cost control, the club has still posted a loss of £14.8 million.

The audited results to 30 June 2025 show the highest turnover in the club’s history, climbing 7% from £88.3m to £94.1m. The jump was fuelled by strong matchday income, £45m alone, European participation and continued commercial growth.

Operating expenses fell by £4m to £92.2m, allowing Rangers to record a rare profit before player trading of £2.7m. EBITDA also swung into positive territory at £5.6m, while operational cashflow moved from a £7.7m deficit last year to a £12.1m surplus.

But those improvements were not enough to avoid another bottom-line loss. Player amortisation costs of £12.7m, reflecting continued squad investment, pushed the club to a £14.8m deficit, only a slight improvement on last year’s £17.2m loss. Rangers highlighted that several profitable player sales, including those of Hamza Igamane, Cyriel Dessers, Ridvan Yilmaz and Jefté, occurred after the reporting period and will therefore only impact next year’s accounts.

The year also included a significant ownership change, with a £20m equity investment completed in May as Rangers FC LLC (USA) took a 51% stake. The board says the move has strengthened liquidity and provided long-term stability, though the club still faces the challenge of turning improved operations into overall profitability.

Chief financial officer James Taylor acknowledged the progress but stressed that more work is required to bring losses under control: “We need to align expenses with revenue and develop a player-trading model. While we have made considerable progress, there remains work to be done.”

He added that post–year-end sales show the club is beginning to generate returns on previous transfer spending, and that future squad investment will continue “responsibly” as Rangers push toward sustainable success.

Although Rangers’ transition to a private company means they are no longer required to hold a formal AGM, the club says it will continue to host an annual meeting and engage supporters through the Fan Advisory Board and other forums.

_{Featured Image Credit: Unsplash / Winston Tjia}