Douglas Park, the Rangers chairman, has claimed that Scottish football will be “left behind” because of the governance of the game as the Ibrox club posted a £23.5 million operating loss for the financial year ending June 2021.
While Rangers won their first Premiership title in a decade, they cited the pandemic as a reason for an almost £8 million increase in losses from the previous year. Park has been involved in a number of disputes with the Scottish Professional Football League, including an arbitration process over a refusal to display the logo of league sponsors cinch on the club’s strips or at Ibrox.
In their annual accounts, Rangers highlighted £16.8 million of investment in the playing squad, but also posted that revenue has decreased 19 per cent to £47.7 million. “The year under review was of course heavily affected by Covid, and the impact that had on revenue streams, both matchday and non-matchday,” the finance report stated.
Staff costs increased by more than £4 million to £47.6 million. A club statement said: “When the current board and investors wrestled back control of our club in 2015, it saw before it a ten-year recovery project. Today, we consider that prognosis to be accurate.”
The accounts underline Rangers’ need to sell players for significant sums. Stewart Robertson, the Rangers managing director, said last December that the club would have to sell in the summer transfer window, having posted losses of more than £15 million, but only Jordan Jones and George Edmundson left for fees.
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Rangers have submitted a business interruption insurance claim for losses caused by the pandemic. Rangers require £7.5 million by the end of this season to cover costs but there is an agreement in place with Park and fellow director John Bennett to provide loan facilities to meet the shortfall.
In his chairman’s report, Park took aim at one of the game’s governing bodies. “The corporate governance of the SPFL continues to cause us real concern,” he said. “We need more transparency in the manner in which the game operates. The people in charge are only in those positions due to the existence of the clubs and it is time that they showed the clubs more respect than has been the case in recent years.
“We believe that Scottish football is a strong product, but it is undervalued and as a result undersold. This must change. The ambition of clubs must be realised and driven forward by those in leadership positions. If not, I believe Scottish football will be left behind.”
Park also praised Steven Gerrard’s management of the club. “That we won our record 55th title in such style is testament to the hard work, professionalism and determination of our football management team and our players,” Park said. “Steven Gerrard and his staff are now etched into the history of our great club and deservedly so.
“It is fair to say that the impact of Steven and his staff has been as profound as any management team in the modern-day era. He brings with him a profile and ability and has developed both the team on the field as well as his staff off the field. Year on year, we have seen tangible improvements.”
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Gerrard revealed that despite winning the title last season, there was disappointment with how the campaign unfolded.
“Our desire for better will never stop,” Gerrard said. “Even though we won our 55th league title in almost record time, with the least goals conceded, I still have a tinge of disappointment when I look back over the last season. Perhaps that epitomises me and my team, but I feel our underperformance in cup competitions is an area we must and will address.”
