Steven Gerrard reckons Rangers finances are 'boosted by playing squad' - manager and board on same page

Steven Gerrard believes Rangers now have the playing assets they need to stabilise the club's financial situation.

Rangers manager Steven Gerrard (centre) talks to Scott Arfield and Cedric Itten.

The Ibrox outfit revealed on Friday they had made an operating loss of £15.9million for the financial year up to June - and will have to raise more than £20m by the end of next season to avert another cash crisis.

Chairman Douglas Park and director John Bennett have, however, agreed to cover that shortfall but, with the likes of Alfredo Morelos, Ryan Kent, Borna Barisic and James Tavernier all performing at the peak of their powers, Gerrard reckons the club can finally now look to generate cash from within their dressing room.

He said: "The board support has been fantastic since the first day I came in really. In terms of the numbers, obviously you have to take certain things into consideration given the timing. They could have looked very much different if we did accept a bid for one of our big assets.

"I think the important thing to know is that this team is in much better shape than it was when we came through the door.

"The team is littered now with big assets. The team is worth an awful lot of money now compared to what it was."

Rangers' annual results would have been a lot bleaker had it not been for the £21m the club raised from its run to the last 16 of the Europa League last season.

And Gerrard is well aware of the importance of that competition as a generator of income during this year's Covid-affected campaign as he prepares for Thursday's clash with Benfica, which could see the Light Blues take another huge step to this term's knockout stages.

"Europe is always important for a club like Rangers because of the history and the big European nights that have gone before for the supporters, it's what they enjoy doing, watching their team in Europe, travelling near and far to follow their team," he said.

"So from a football point of view there's always a responsibility and an expectation here as the Rangers manager to continue to do well, year on year.

"If that means we make more money or we go further in competitions and that helps from a financial point of view, then great. That is always the aim.

"The board and myself are on the same page and we're happy with where the team is at right now. But we both know there is still a lot of work to do to get to where we want to be."