The club’s chairman Dave King said much of the outgoings were necessary with upgrades to Ibrox Stadium and settlement figures for managers plus recruitment.
Analysis from respected football business blogger the Swiss Rambleof Celtic and Rangers’ financial results for 2017/2018 highlights the disparity between the two clubs.
While Rangers recorded a loss of £14.3million, Celtic’s profit after tax was £15.4million, aided by profit on player sales of £16.5million. The Ibrox side’s was £1.2million largely made up of Martyn Waghorn and Barrie McKay moving to England.
The club have made strides with regards to their revenue.
The blogger wrote: “Since their promotion to the Premiership in 2016, Rangers revenue has grown by almost 50 per cent (£10.5m) from £22.2m to £32.7m. Over half of this growth has come from gate receipts and hospitality (£5.6m), but there were also increases in commercial (£2.5m) and broadcasting (£2.3m).”
It, however, pales in comparison to Celtic whose revenue for the past year was £101.6million.
“In the last 6 seasons, Celtic have benefited from nearly £300m more revenue than their Glasgow rivals,” said Swiss Ramble.
“European competition is one of the main reasons for the hefty revenue difference between Rangers and Celtic, who have earned £102m in prize money alone, particularly from the Champions League.”
Match day income is key for Rangers with the £23million making up 70 per cent of their revenue. Celtic brought in £32.4million from match day.
There was a substantial difference in commercial income, Celtic bringing in £36.6million compared to Rangers’ £5.3million, which was more than £1million less than Aberdeen.
Celtic’s varied and fruitful revenue streams allow them to spend big on wages (£59.3million), while keeping their wages to turnover ratio relatively low (58 per cent).
Rangers wages were £24million, amounting to a 74 per cent wages to turnover ratio.
The disparity between the two Glasgow giants is best summed up by their respective cash balances. Celtic’s sits at £42.6million, while Rangers is a lowly £1.5million, which is below Hibs for this year and is lower than Hearts, Aberdeen and St Johnstone’s 2016/2017 figures.