GERS POST A BIG £11M LOSS
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The departure of director of football Mark Allen can now be viewed in a fresh light as Rangers paid the cost of failing to attract offers for their star players.
His successor Ross Wilson will be under pressure to improve that area of the club’s operations but sources insist there will be no urgency to move players out in the January transfer window.
The Ibrox club have invested £30m in their squad over the last three years and now have value on the pitch in the shape of players such as Alfredo Morelos, Joe Aribo, Ryan Jack, Borna Barisic and Nikola Katic.
Morelos admitted for the first time last night that he would be prepared to move on in January but the club would be reluctant to let him leave.
Their overall revenue from player sales is only around seven per cent of their turnover, a quarter of the figure it should be for a club of its size.
By comparison, arch rivals Celtic would have declared a loss of £15m on turnover of £83m in the last financial year.
However, they were boosted by £26m in transfer income, including more than £17m in player sales and almost £9m in compensation from Leicester for manager Brendan Rodgers.
If he continues his fine run of form it’s likely Morelos will be sold in the summer for a fee in excess of £20m, which would effectively allow Rangers to turn a healthy profit next time around.
However, the key is finding players to develop and sell on because relying on wealthy benefactors for an unlimited period of time is unsustainable.
Chairman King was determined to put a positive spin on the results.
He said: “The financial year under review was again a positive one. The highlight was the acceleration of the substantial investment that was previously identified as being necessary to improve the club’s standards.
“Our club has the highest expectations within the economic sphere that we operate and this requires the appropriate strategy.
“The team must continue to evolve to meet the demands of our supporters and in Steven Gerrard we have someone who embodies everything our club is about.
“It has been the board’s responsibility to provide financial support to the manager and that is what we have done.
“As always, I want to thank this club’s wonderful support. They are the best when fully behind the team in the proper manner.”
The Rangers agm will be held on Tuesday, November 26.
Morelos admitted he could be tempted into a January move.
The 23-year-old said: “I just need to continue doing things to the best of my ability and we will see in the winter transfer window if there’s the chance to make a bigger move.”