Done deal:Rangers set for record-breaking injection after £45m+ reveal – sources
Rangers are set to receive a financial injection from the Scottish Professional Football League after it posted record-breaking revenue for 2023-24, sources have told Football Insider.
As per a Companies House submission on Tuesday (29 October), the SPFL reported its updated accounts for the fiscal year up to 31 May, showing a turnover of £45.1million.
It was a record-breaking figure for the governing body and marked a £2.5million increase from 2022-23.
After paying out any overheads, the SPFL’s financial model distributes all turnover to clubs from its four tiers.
Documents from the Companies House submission reveal the fee paid out to clubs was £33.7million, which is £2million more than the previous year.
The exact distribution to clubs in Scotland’s top flight is not disclosed, but Rangers are set to receive a record-breaking fee from the SPFL.
Rangers face financial challenges after accounts reveal
It comes at a time when Rangers’ financial situation is being heavily scrutinised after they released their latest accounts for 2023-24 on Tuesday (29 October).
The Glasgow giants’ core revenue increased from £83.8million in 2022-23 to a record-breaking £88.3million, while their total income was £94.2million.
But their net losses rose by £4.1million to £17.2million last season, indicating the financial challenges Ibrox chiefs are currently facing.
Football Insider revealed on 31 October Celtic have over £75million more cash in the bank than their Old Firm rivals as the gap between the two clubs continues to grow.
Rangers’ failure to qualify for the Champions League this season means they have also missed out on the extra cash on offer for playing in European football’s premier club competition.
Rangers
Finance expert Stefan Borson told Football Insider Rangers will earn significantly less from competiting in the Europa League than the £50million he expects Celtic to make from the Champions League over the next few months.
The chances of Champions League football returning to Ibrox next season are quickly diminishing as Philippe Clement’s side currently sit third in the Scottish Premiership table, nine points behind Celtic and Aberdeen.
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