Rangers rely on good will as £3m loss posted despite return to Premier League

The poor financial performance comes despite the team securing a return to the top flight of Scottish football following the Govan club’s demise in its previous incarnation and subsequent demotion to the lowest rung of Scotland’s footlball ladder.

However, losses have still halved over the past year following a takeover by club chairman Dave King’s board and the launch of rebuilding plans.

Turnover increased to £22.2 million for the year ending June 2016, a rise of almost £6 million on the previous 12 months.

However with the club’s retail revenues still cut off due to a dispute with Sports Direct, Rangers say they will need benefactors to stump up £3.75 million for the team to see out the current football season.

Almost £3 million of that amount has already been made available, with the balance due to be received in March 2017.

Other figures in the report show Rangers’ wage bill for the current campaign is up by 60 per cent at £10.3 million.

Turnover was up on the back of increased average attendances from 34,000 to 44,000 last season, while season ticket income rose by £3.2 million thanks to sales of more than 42,000.

Hospitality sales rose by almost £1 million and match ticket sales by £500,000, with the club receiving £1.1 million from its run to the Scottish Cup final and success in the Petrofac Cup.

Mr King said: “The board and the executive have had to work extremely hard over the last year to deal with all of the issues 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.”

He added: “During the year under review the board secured the much-needed capital to fund the football operating deficit that was necessary to ensure promotion and to repay the Sports Direct loan of £5m.

“Our supporters understand the difficulties that have been overcome and the challenges that still lie ahead and their unwavering loyalty has been the one constant through these years of change.”