Rangers Reached a Europa League Quarter-Final and Still Lost £15m

In the 2024-25 season covered by these accounts, Rangers finished second, 17 points behind Celtic, and lost the League Cup final to them on penalties. Philippe Clement was sacked in February 2025, with Barry Ferguson taking over as interim manager. Europe was the bright spot: Rangers reached the Europa League quarter-finals before going out to Athletic Bilbao.

That run helped push turnover up around 7% to a record of around £90m. Strong Ibrox attendances and commercial income did the rest. Even so, Rangers earn around £50m less than Celtic, and that gap is the whole story of Glasgow football at the moment.

The club made a pre-tax loss of around £15m, slightly narrower than the year before. Staff costs actually fell by around 6% to around £60m, but that is still around 61% of turnover, a far heavier load than Celtic carry. Before player trading, Rangers reported a small operating profit, so the loss sits in amortisation and other costs of building the squad.

In May 2025 a consortium led by Andrew Cavenagh, alongside 49ers Enterprises, bought a 51% stake in the club. Their money arrived at the end of the period and changes the outlook more than these accounts can show. Cash stood at around £31m at the year end and net assets at around £45m. Rangers are not in trouble, but they are behind. Closing the gap on Celtic means either Champions League money or more owner funding, and the new owners have taken on that choice.