Rangers Football Club has published its audited financial results for the year ended 30 June 2025, showing record income and a major improvement in the club’s underlying performance.

Financial Highlights – Year Ended 30 June 2025

Revenue: £94.1m (2024: £88.3m; +7%)

  • Total operating expenses: £92.2m (2024: £96.2m; –4%)

  • EBITDA: £5.6m (2024: £0.2m loss)

  • Profit before player trading: £2.7m (2024: -£2.0m)

  • Operational cashflow: £12.1m (2024: –£7.7m)

  • Loss for the year: £14.8m (2024: £17.2m)

  • Closing cash balance: £30.5m (2024: £1.7m)

The club achieved record revenue of £94.1 million (2024: £88.3 million), an increase of 7% year-on-year. This growth was driven by strong attendances at Ibrox, continued European participation, and sustained commercial performance. Matchday income reached £45 million, underlining the loyalty and scale of the Rangers support. Every ticket sold and every visit to Ibrox continues to make a meaningful difference to the club’s success.

Total operating expenses reduced to £92.2 million (2024: £96.2 million), reflecting improved cost control across the club. The combination of increased revenue and lower expenditure delivered a profit before player trading of £2.7 million (2024: £2.0 million loss), marking only the second time the club has delivered a pre-player trading profit in the last decade.

EBITDA improved to £5.6 million (2024: -£0.2 million), and operational cashflow was £12.1 million (2024: -£7.7 million), underlining the scale of financial progress delivered over the past 24 months.

The club reported player amortisation costs of £12.7m, reflecting continued squad investment. This, together with player sales occurring post year end, resulted in an overall loss for the year of £14.8 million (2024: £17.2 million). Since the year-end, Rangers have completed the sales of several players including Hamza Igamane, Cyriel Dessers, Ridvan Yilmaz and Jefté, all generating healthy profits that demonstrate further progress in the club’s player-trading model. These will be accounted for in next year’s financial statements.

The reporting period included the completion of a £20 million equity investment in May 2025, following the acquisition of a 51% shareholding by Rangers FC LLC (USA). The transaction provided long-term financial stability, improved liquidity, and strengthened the balance sheet, positioning the club for future investment in football and infrastructure.

Following the change in ownership earlier this year, Rangers has now transitioned to a private company. While this means a formal AGM is no longer a legal requirement, the club will arrange an annual meeting each summer. We will also continue to engage regularly through the Fan Advisory Board (FAB), supporter group meetings and fan roundtable sessions, ensuring supporters have a voice and platforms to engage with club leadership.

James Taylor, Chief Financial Officer said: “Our goals are clear: to win now, win in the future, and do so in a sustainable manner. To accomplish these financial goals, we need to align expenses with revenue and develop a player trading model. Over the past two years, we have made considerable progress on aligning revenue and expenses although there remains work to be done.

“While player trading remains an area where we can further strengthen our financial performance, the sales completed post season-end show that gains achieved on investments made in previous windows can be reinvested in continued squad building.

“The new equity investment completed in May has strengthened our financial base. As we continue to progress on our financial plans, we will be able to continue to invest responsibly in the team, our facilities, and our long-term future. Our focus is on maintaining that balance, investing in football performance while keeping the club on a sustainable financial footing.”

  Reports & Accounts | Annual Report 2025