Rangers Football Club has announced its freedom from all legal claims for the first time in over a decade. Despite this milestone, the club reported a significant net loss of £17.2m this financial year, a sharp increase from last year’s £4.1m deficit, though it achieved record-breaking revenue and income up to June.

Earlier this year, the club settled a longstanding dispute with Elite Sports Group Ltd over their Hummel-branded kits. Financial records highlight substantial growth, with core revenue reaching £88.3m, total income at £94.2m, and commercial revenue of £67m—figures Chief Financial Officer James Taylor called “outstanding.”

Operating losses before accounting for player trading came in at £2m, a marked improvement from last season’s £10.5m. The financial hit reflects the restructuring of the first-team squad, including a reported £8m loss from player trading. Rangers also reduced overall squad expenses by £2.5m and expect further cuts of £6m next season following summer 2024 transfers.

Under a revamped recruitment strategy introduced by Football Recruitment Director Nils Koppen, Rangers is prioritising a younger, more balanced squad. Transfer expenses reached £13.6m, offset by £5.6m in player sales, with the club aiming for a sustainable transfer model.

In the face of growing financial pressures, Rangers raised its borrowing from £16.5m to £28.4m, securing an additional £8.6m from existing investors to support future growth.

Interim Chairman John Gilligan acknowledged the transformative period at Rangers, noting that John Bennett stepped down from his chairman duties to focus on his health, while Chief Executive James Bisgrove moved to the Saudi Premier League, and Creag Robertson departed as Director of Football Operations. Gilligan assured supporters of a strong executive team in place, as they look for a new CEO.

Gilligan also apologised for delays in the Copland Road Stand renovations, which required four matches to be relocated to Hampden Park, and commended the fans for their exceptional support. He expressed confidence that the club is on track to meet its strategic objectives after a challenging yet productive year.