Rangers reveal £23.5m operating loss as Covid hits revenues

Rangers revenue for the year was £47.7m, a 19% decrease on the previous 12 months

Rangers have announced an operating loss of £23.5m for the year ending on 30 June 2021.

The Ibrox club clinched a first top flight title in a decade last season but revenue declined by almost 20% against the backdrop of Covid-19.

The club estimates that the pandemic impacted the large net loss by more than £10m.

They also forecast that a further £7.5m is required by the end of this campaign to cover costs.

However, an agreement is in place with chairman Douglas Park and fellow director John Bennett to provide loan facilities to meet the shortfall and the board insist the club remains on track for financial stability by 2025.

The annual report read: "When the current board and investors wrestled back control of our club in 2015, it saw before it a 10-year recovery project. Today, we consider that prognosis to be accurate."

This time last year, Rangers announced an operating loss of close to £16m.

The latest figures show that the Scottish champions relied on almost £21m from directors and shareholders, with the club explaining that there is a "reasonable expectation" that there will always be "adequate resources to continue in operational existence for the foreseeable future".

Rangers have submitted a business interruption insurance claim for losses caused by Covid.

The report adds: "The scale and timing of any future claim is uncertain, however we have recognised amounts received from our insurers against our claim to date."