Rangers’ financial status has become “stuck” with the release of their most recent 2023–24 financial statements.
According to financial expert Stefan Borson, who spoke exclusively to Football Insider, it’s hard to see how they can significantly improve their circumstances as they try to compete with Celtic.
On October 29, the Scottish behemoths made public their 2023–24 financial statements, which showed that their core revenue climbed from £83.8 million in 2022–2023 to a record-breaking £88.3 million, with a total income of £94.2 million.
Even with that, Celtic’s income increased from £119.9 million to a new club high of £124.6 million, which is still much more than they made during the year.
Rangers managed to reduce their overall staff salary expense from £64 million in 2022–2023 to £61.1 million last season, despite their net losses rising by £4.1 million to £17.2 million in 2023–2024.
Rangers have limited options for improving their financial status.
Borson thinks there isn’t much the Glasgow team can do to improve their financial standing at Ibrox by lowering their operating expenses.
Borson told Football Insider, “Rangers have a good revenue coming in from European prize money.”
However, they have very little revenue from domestic broadcasting, and their commercial deals are somewhat small.
Additionally, their salary is comparable to that of a European qualifying squad.
It’s difficult to observe any tangible changes.
They are limited in their ability to address other operating expenses.
“You have some very significant expenses on the stadium side and the club’s operations expenditures if you have £43 million in matchday revenue.
“You will need a wage bill of roughly £60 million if you want to compete with Celtic.
“At the moment, they are somewhat stuck.”
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