Rangers made £810,000 from summer sales

Connor Goldson and Todd Cantwell departed Rangers earlier this year

Rangers took in just £810,000 from summer sales, chief financial officer James Taylor has confirmed at the club's annual general meeting, PA are reporting.

The club announced a £17.2m loss in their accounts for the year to June and spent £13.4m on player acquisitions.

Todd Cantwell, Connor Goldson, Sam Lammers, Robby McCrorie and Scott Wright left the club for small fees prior to the closure of the summer transfer window.

However, in his address to shareholders, interim chairman John Gilligan said the club "is now in a much stronger financial position".

Patrick Stewart will start as Rangers chief executive on 16 December and Nils Koppen, who had been director of football recruitment, has taken on the role of technical director.

Gilligan expects a long-term chairman to arrive "shortly" and have "the brief to reconfigure the board to include two further independent non-executive directors, two-three executive directors including the CEO and CFO and two-three investor directors".

"Patrick brings a wealth of experience and knowledge having spent over 20 years working in football," said Gilligan.

"Indeed, he operated at Manchester United for 18 years, and held a variety of senior positions there, including that of Interim CEO. We look forward greatly to him joining us, and to him leading us into a new era.

"Nils has set our men's first team on a course to be significantly more sustainable in the years ahead."

On the park Philippe Clement's men's team is 11 points behind Scottish Premiership leaders Celtic while Jo Potter's women's side are a point off SWPL leaders Glasgow City.

"There is no doubt it has been a challenging period for the club," said Gilligan, who stepped in as interim chair after John Bennett relinquished his chairmanship on health grounds in September.

"The focus of the football department is always winning trophies. There is no doubt it has been a challenging few months for us in the league and we know Philippe's full focus is on getting more consistency in results and performances.

"There was a significant turnover of players in the summer and there has also been some bad luck on the injury front, albeit the medical and performance departments deserve credit for the improvement on our injury record so far this season.

"Our women's first team have begun their season strongly after winning both cups last season and are well in contention to reclaim the league title once again after a strong start."