Rangers and the 'resounding no' as chairman John Bennett addresses financial concerns and transfer backing

Net loss of £4.2m loss sparks questions from concerned shareholders at club AGM

Rangers chairman John Bennett (centre) alongside manager Philippe Clement (left) and non-executive director John Halsted during the club's AGM at New Edimiston House on Tuesday. (Photo by Craig Williamson / SNS Group)

Chairman John Bennett has offered “a resounding no” to suggestions that Rangers could be facing financial difficulty and assured supporters that Philippe Clement will be backed in the transfer market.

The Ibrox club’s recently published accounts for the year to June 30, 2023 revealed a turnover of £83.8million, an operating profit of £250,000 but an overall net loss for the year of £4.2million, despite the sale of Calvin Bassey and Joe Aribo contributing to a record player trading profit of £23.6million, on top of income from Champions League group stage football.

Rangers accounts also noted a total spend of £21million in the summer after former boss Michael Beale bought Sam Lammers, Cyriel Dessers, Jose Cifuentes and Danilo, while Abdallah Sima arrived on loan from Brighton with Jack Butland, Kieran Dowell, Dujon Sterling and Leon Balogun signed as free agents.

Addressing shareholders at the club’s AGM at New Edmiston House on Tuesday morning, Bennett was asked if the club's balance sheet was a reason for fans to be concerned.

He replied: “A resounding no, it will not cause any difficulties like we suffered 10 or so years ago. That’s over, well and truly.

“And it will have no effect on the manager’s plans. The manager has been very clear on the challenges of the January window.

“But I wouldn’t worry at all about the summer spend that we’ve gone through and that impinging upon what Philippe wants to do.

“The board will be ready for January or next summer. We have to keep aspiring to strengthen."

Bennett also pointed to the figure he believes is key to future financial success at Rangers.

“This club last year lost £10.5million, pre-player trading," he added. “I would ask you please to keep your eye on that £10.5million. It has to go away.

“This is a new executive team for a reason and it is tasked with not only growing the club, but driving through operating efficiencies.

“It is a cultural change and it is under way.

“That £10.5million has to become, at worst, zero. Not every club operates at that level, in other words at minimum break-even prior to player trading.

“They need player trading to have a model. We want to take Rangers to a place where it breaks even or better. I can tell you right now, every day it’s turning – and it will turn.”