Rangers made a loss of £23.5million for the financial year ending June 2021 as they blamed Covid for hitting them hard.
That figure is up almost £8m from last year and comes despite the club winning its first Scottish Premiership title for a decade.
Revenue at Ibrox is down by £13m and in a statement on the club’s website they put much of that down to the impact of the pandemic.
Fans were locked out for the entirety of their historic league-winning campaign and they were unable to maximise their income.
In their annual report, Rangers said: “The year to 30 June 2021 was undoubtedly and heavily affected by the COVID-19 pandemic.
“The associated negative impact on revenue (both matchday and non-matchday) was in excess of £20m, resulting in a reduction in profitability of more than £10m.”
Rangers relied on almost £21m from directors and existing shareholders and admitted in the report that relying on further funding casts doubts on their ability to continue as a going concern.
However, they are confident of enough resources being provided. The report stated: “The board has considered the level and timing of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required.
“The board acknowledge that the uncertainty over the level of additional funds that will be required and a lack of a binding debt facility indicate that a material uncertainty exists which may cast doubt over the group’s ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.
“Nevertheless, having secured the offer of further loan funding referred to above, the board of directors believe that there is a reasonable expectation that the Group will at all times have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this report and the statutory financial statements.”
Chairman Douglas Park added: "The past year has continued to bring unprecedented challenges to our club.
"The full impact of COVID-19 had yet to play out when I penned my previous annual report. The pandemic wrought a profound impact on our Club, both on and off the field of play and its effects continue to be felt."
Despite the cash income being hard hit, the board admitted they continued to strengthen to produce a title-winning team with £17m pumped into Steven Gerrard’s squad.
And they continued to make improvements off the park with £5m spent on improving Ibrox Stadium and the new Edmiston House project.
The statement continued: “When the current board and investors wrestled back control of our club in 2015, it saw before it a 10-year recovery project. Today, we consider that prognosis to be accurate.
“Painstakingly and with unerring resolve, your board and executive management team have undertaken the rebuilding process. Sticking to the task has been no mean feat and has been made possible with the support of our loyal investors and fans.
“Despite the manifold challenges, our football club has relentlessly strode forward. On the field of play, winning our 55th League title provided a significant milestone in this process and was the crowning achievement of our year.
“Off the pitch, notwithstanding a COVID impacted financial performance, we believe that demonstrable progress is evident from our results and activity subsequent to the reporting date of 30th June which should also be considered to fully appreciate our advancement.”
The club's AGM will take place on Tuesday, November 30 at the Clyde Auditorium, starting 10.30am.
