The club attributes the loss to a lack of significant player sales and increased operating expenses.

Interim chairman John Gilligan acknowledged a challenging year with changes in leadership, including the departure of CEO James Bisgrove and director of football operations Creag Robertson, as well as John Bennett who stepped “away from his role as chairman in order to focus on his health”.

Mr Gilligan said: “Undoubtedly, it has been a challenging period for the football club with significant change occurring both on and off the park throughout both season 2023/24 and over the summer months.

He continued: “Whilst we continue our search for the outstanding candidate for the CEO position, we retain a strong executive team within the football club led by our chief financial officer, James Taylor, chief commercial officer, Karim Virani and our director of football recruitment, Nils Koppen.

“All three were recruited in the period under review, and, as you can see from our underlying performance, there have been significant steps made in a short period of time in delivering against our strategic objectives.”

Mr Gilligan added: “The challenges encountered with the redevelopment of the Copland Road stand have been well documented, and as a board we once again apologise to our supporters for the inconvenience caused by the delays in returning to our home.

“The support received at Hampden was outstanding and epitomises the link that our great club has with our supporters. I’d also like to once again place on record my thanks to the SFA, SPFL and UEFA for their understanding and support through this period.

“With the Copland Road stand now complete, we are extremely proud of the work undertaken to upgrade and improve the facilities for our disabled supporters. They truly are now some of the best facilities in Europe and are evidence of the board’s commitment to continue to modernise and improve Ibrox and the wider campus.”