Rangers cut losses by €4.9million
Rangers' financial results have revealed their annual losses have halved after the club secured a return to Scotland's top flight.
The Gers published their accounts for the year ending June 30 on Friday, showing they have increased turnover by almost £6million to £22.2m, while their losses have been trimmed from £7.7m in 2015 to £3.3m (a decrease of £4.4m).
The club returned to the Premiership this season after a four-year absence but their quest to be genuine challengers to Celtic seems a little way off yet after their Glasgow rivals defeated them in both the league and BetFred Cup.
Dave King, who was appointed chairman in May 2015, said of the financial results: "The board and the executives have had to work extremely hard over the last year to deal with all of the issues that the club has faced.
"This effort must be repeated in the coming year as we continue to achieve our goals while strictly adhering to the strategies and disciplines that are necessary in what remains an extremely challenging operating environment."
Manager Mark Warburton made a number of signings when Rangers were promoted, including recruiting Joey Barton and Niko Kranjcar, and King noted that to deliver the board's ambitions for the club, more investment might be required and he is confident that can be secured.
"Further funding may be required during the 2017-18 season, the quantum of which is dependent on future football performance and European football participation," he added.
"The board of directors has received undertakings from certain investors that they will provide financial support to the group and have satisfied themselves as to the validity of these undertakings and that the individuals have the means and authority to provide such funding as and when it is required."
Barton's future at the club remains uncertain as the midfielder remains suspended following a training ground row in the wake of Rangers' 5-1 loss to Celtic on September 10.
