Rangers accounts: Record turnover, back in profit, Steven Gerrard compensation, Mike Ashley settlement

Rangers have posted a set of improved financial figures for the year to June 2022.

The latest accounts show an operating profit of £5.9m compared to a loss of £23.5m for the previous 12-month period. Income also increased to a club record £86.8m - a significant jump from the £47.7m figure the previous campaign - with wages to turnover ratio dropping to 44 per cent, down from 70 per cent in 2020-21.

The sale of Nathan Patterson to Everton in January accounted for an £11.2m profit in player trading while the run to the Europa League final generated over £17m in UEFA prize money payments. The commercial department – led by communications and marketing director James Bisgrove – also made a record £28.4m last season.

Further income was secured in the form of compensation from Aston Villa for Steven Gerrard and his backroom team following his departure last November amounting to £4.25m.

Rangers accounts for the year to June 2022 show a profit of £5.9m. (Photo by Craig Foy / SNS Group)

Rangers, who will hold their annual general meeting on December 6, are forecasting another set of healthy accounts next year due to the summer sales of Joe Aribo and Calvin Bassey and this season's participation in the Champions League.

The company balance sheet shows total liabilities have increased from £5.4m to £12.4m, while a £6m litigation payment was made ‘relating to a previous retail arrangement’, following a recent court settlement with Mike Ashley's Sports Direct.

Club chairman Douglas Park said: "The past year has provided many highs and lows, along with challenges both on and off the park, but ultimately, I believe we are continuing to grow stronger as a club.

“This time last year, I repeated my belief from 2015 when this current Board took control of the Club, that this would be a 10-year recovery project.

“While there have been moments in the last year that have exceeded both my own and the Board’s expectations (with specific reference to the Europa League run to the final) we cannot, and will not, stand still and continue to have so much more to do.

"We are pleased that in the last 12 months, we have achieved two club-record sales through our player recruitment and player development processes.

"During the year to 30 June 2022, we have raised new equity of £10.1m and taken on new debt of £3.6m to strengthen our financial position."