Rangers Face Harsh Financial Reality as Poor Recruitment and Dip in Performances Threaten Progress.
Rangers have published improved financial results for the year ending June 2025, but the numbers only tell half the story. Beneath the headline of record revenue and positive underlying performance lies a far more uncomfortable truth.
The club now enters a crucial financial period where poor recruitment, managerial upheaval and a sharp drop in attendances will strain next year’s accounts and directly affect the team on the pitch.
The audited results show revenue rising to £94.1 million, but crucially this figure was driven by last season’s strong European run, higher matchday income, and a full Ibrox. None of those conditions will be repeated in the current financial year.
Managerial change adds financial pressure
The sacking of Russell Martin will also hit the next set of accounts. Compensation for him and his backroom staff will add seven figure pressure on operating costs, money that could otherwise have helped January recruitment or squad rebuilding.
Poor recruitment continues to hurt the club
The real concern among supporters, however, is the financial impact of a recruitment strategy that has simply not delivered what was promised. Rangers reported a £20 million net spend in the last window, a substantial outlay by the club’s usual standards. The club included the sales of Igamane, Jefte and others when calculating that net spend, but crucially these transfers will not appear in the accounts until next year. This means the headline spend looks far more balanced than the underlying reality.
Several of those signings have failed to improve the squad or increase in value, and with performances dipping, the probability of recouping the fees paid is shrinking. As a result, the player trading model is under real strain, with next year’s figures set to show heavy investment up front and delayed income that arrived too late to offset the financial risk created during the window.
January dilemma and potential player sales
Now the board faces a dilemma. The team clearly needs quality reinforcements in January, but Rangers are unlikely to recoup the fees they paid for players who have struggled. The board have already said they will be active in the window, although what that actually means is subjective and unlikely to match the expectations of supporters who believe major upgrades are required.
It is also not as simple as choosing between external investment or selling Raskin. The reality is that Rangers may need both, because the summer window has left significant gaps in the squad and limited financial headroom. Raskin remains one of the few saleable assets, but relying on his departure to cover poor recruitment only highlights the strain on the player trading model.
January windows rarely offer bargains or easy upgrades, which makes this one even more important. Rangers need a strong window to correct the mistakes of the summer, but doing so in January, with limited funds and conflicting priorities, will be a major challenge.
Europa League disappointment hits revenue
This situation has been made worse by the collapse in European performance. Last season’s run to the knockout stages brought in crucial UEFA prize money, boosted the club’s coefficient and delivered the sort of packed Ibrox nights that generate significant matchday income. Those European fixtures not only energised the support, they also created a financial buffer that helped offset shortcomings elsewhere in the club’s operations.
This season’s campaign has offered little relief either. Although Rangers are technically still in the Europa League, they sit rock bottom of the group after four matches with zero points, one of only two sides in the entire competition yet to register a single point. Progression is now highly unlikely and the financial reality reflects that.
With no realistic prospect of additional prize money, no knockout revenue and no further home nights under the lights, the financial impact will be felt heavily when next year’s results are published. The loss of European visibility also reduces the club’s commercial appeal and makes it harder to attract players who want regular continental football, creating a longer term sporting and financial disadvantage.
Dropping attendances at Ibrox deepen concerns
Lower attendances during Martin’s tenure have only deepened the issue. Ibrox crowds were visibly down as performances dipped and the mood turned, with sections of the support choosing to stay away as frustration grew. What would normally be guaranteed full houses instead became noticeably thinner, creating an atmosphere that reflected the team’s wider struggles on the pitch.
With matchday income contributing almost half of annual revenue, even a small reduction in attendance has an outsized financial impact, and this effect compounds quickly across multiple home fixtures. Fewer fans through the turnstiles means reduced spending on catering, merchandise and hospitality, all of which directly affects turnover. These declines, while subtle in isolation, build into a meaningful financial shortfall over the course of a season and will be clearly reflected in the next reporting period. Rangers rely heavily on the strength and consistency of the support, so any drop – even temporary – carries consequences the club cannot afford to ignore.
Positive steps in the club’s financial recovery
While concerns remain, there are also encouraging signs that should not be overlooked. The performance of Edmiston House continues to be a bright spot, contributing meaningfully to commercial revenue streams and helping Rangers return to a pre player trading profit. Its events programme, retail activity and matchday engagement are now becoming a consistent and reliable source of income.
In addition, the reduction in player salaries has been a significant factor in improving the club’s underlying financial health. Bringing the wage bill under control has strengthened Rangers’ compliance with UEFA’s financial sustainability rules, giving the club more breathing room as it navigates a difficult period. These measures show that not every financial trend is negative, and some foundations for recovery are already in place.
The road ahead
In short, while the club’s published results show improvement, the current trajectory is worrying. Recruitment misfires, poor European performance, managerial payoffs and falling attendances are all converging to create a financial squeeze that will affect what Rangers can do on the park. Supporters want a team capable of competing for titles, but the path to rebuilding the squad now looks more complicated and more expensive than the official statement suggests.
The new ownership has stabilised the balance sheet, but the football side needs urgent correction. January will be a test of ambition, strategy and leadership, with the financial consequences of past mistakes already looming large over the club’s future.
- Rangers Sack CEO and Sporting Director, So How Did Their Signings Actually Perform?
- Four wins for Rohl, but Rangers lacked quality and drive
- Financial results only tell part of the story
- Rangers at Rock Bottom: Röhl Faces Reality After Brann Humbling
- Kevin Thelwell defends son’s appointment – but Rangers fans aren’t buying it
💙 Follow us on Twitter, Facebook, and Instagram for updates, live reactions, and more fan coverage.
📲 Don’t forget to like and share! #Rangers #RangersFC  #ScottishPremiership