Rangers have announced a £14.8m loss despite generating record £94.1m revenue in 2025, marking another complex financial year for the Ibrox side. The club posted higher income, lower spending, and rare operating profit before player trading, yet overall losses continue.
Revenue Climbs but Losses Remain
The club’s revenue reached £94.1m, rising 7% from the previous £88.3m. Operating expenses dropped 4% to £92.2m, which helped the club achieve a £2.7m profit before player trading. Rangers had posted a £2m loss the previous year and a £10.5m loss before that.
Since returning to the Premiership nine seasons ago, Rangers have managed a pre-player trading profit only twice. Their last instance came after the Europa League final run in 2021-22.
Transfer income from Hamza Igamane, Jefte, Ridvan Yilmaz, and Cyriel Dessers is not part of this year’s accounts since their sales happened after June 2025.
The annual report highlighted the club’s improved base: “We’ve achieved record revenues for the second consecutive year, reduced our cost base and delivered a pre-player trading profit.”
“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.”
Cash Position Strengthens After Takeover
The report also acknowledged the importance of boosting player trading returns: “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.”
One of the biggest changes appears in the cash balance, which jumped from £1.7m to £30.5m. This increase came through fresh investment from new owners led by Andrew Cavenagh, who completed their takeover in May.
The club expressed confidence in the new structure: “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.”
“Our focus is on maintaining that balance, investing on the football front while strengthening the club’s financial footing over the medium term.”
Rangers still carry costs from past managerial changes. The club continues to pay at least one, and likely two, former managers. These include Russell Martin and Philippe Clement, who has now joined Norwich City. With interim boss Barry Ferguson and current head coach Danny Rohl, Rangers have worked with four managers during a turbulent 2025.
The financial outlook appears steadier, but the club now faces the challenge of translating stability into long-term consistency on and off the pitch.
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