Rangers reveal £14.8m loss despite record revenues

The group led by Andrew Cavenagh completed a deal for 51% of the Rangers shareholding on 30 May

Rangers have posted losses of £14.8m - down from £17.2m - in their accounts to year-end June 2025, despite record revenues of £94.1m, which are up 7% from £88.3m.

The Ibrox club's annual accounts highlight reduced operating expenses - down 4% to £92.2m - and a £2.7m profit before player trading, which is up from a loss of £2m in 2023-2024 and a loss of £10.5m in 2022-23.

In the nine years since getting promoted from the Championship to the Premiership, it is only the second time that Rangers have recorded a profit before player trading. The other occasion was after their run to the Europa League final in 2021-2022.

The player trading figure does not include the transfer fees received for Hamza Igamane, Jefte, Ridvan Yilmaz and Cyriel Dessers, who were all sold after the end of the financial year.

"We've achieved record revenues for the second consecutive year, reduced our cost base and delivered a pre-player trading profit," the annual report stated.

"That's created a more stable platform to invest again in the team and infrastructure as the club moves into its next phase of growth.

"While player trading remains an area where we can further strengthen our financial performance, the sales completed post year-end show that investments made in previous windows are beginning to support our business model and give us confidence for the future."

As they try to establish financial stability after years dominated by heavy losses, Rangers' cash balance shows a significant increase from a year ago, when it stood at just £1.7m.

That number is now £30.5m as a result of the injection of finance from the new owners after the club was taken over by Andrew Cavenagh and his group of investors in May.

"The new equity investment completed in May has given us a strong base to continue investing in the team, our facilities and our long-term future," the report adds.

"Our focus is on maintaining that balance, investing on the football front while strengthening the club's financial footing over the medium term."

It is understood that the club is continuing to pay-off at least one, and probably two, former managers - Russell Martin and Philippe Clement, with the latter joining Norwich City this week.

Including the incumbent, Danny Rohl, and Barry Ferguson, who was brought in on an interim basis at the end of last season, Rangers have had four different managers in what has been a turbulent 2025.