The Ibrox club today released their financial figures for the 13 months to June 30 that show a huge £14.3m operating loss, despite the on-field success achieved by Ally McCoist’s side.
The Gers romped to Third Division glory by a massive 24 points but that triumph came at a significant cost, with boss McCoist taking home an £824,697 salary and big wages being handed out to a host of first-team stars.
The Light Blues gaffer confirmed last week that he and his staff would take a pay cut, but the wage bill for his playing squad is likely to increase further from the £7.8m shelled out in the last financial year following a string of summer signings, including SPFL Premiership stars Nicky Law and Jon Daly from Motherwell and Dundee United respectively.
Rangers chief executive Craig Mather said in his report that ‘significant progress’ was made in regard to the wages/turnover ratio, which stands at 43%.
That figure is still 10% higher than the target of 33% that was set ahead of the club’s floatation on the AIM Stock Market last year.
While McCoist’s squad cost £7.8m, that is less than half the total wage bill for the club, with overall staff costs down to £17.9m from £30m last year.
The Gers boss has seen his side, bolstered by the arrival of nine new players this summer, make a storming start to the SPFL League One campaign.
But he insists there is still plenty of improvement to come from the Light Blues – despite their 8-0 rout of Stenhousemuir on Saturday as they notched their seventh successive league win to stay five points clear at the top of the table.
McCoist’s side will put their unbeaten run on the line when they face Ayr United at Somerset Park this weekend.
“If not clicking into place all the time, we’ve had some good performances and the boys have looked fine
at times,” the boss told Rangers TV.
“Going right back to the opening game against Albion Rovers when we could only play two of the new players (Nicky Law and Jon Daly), there was some good football that day.
“We’ve got a long, long way to go and we’re not getting carried away by the start we’ve had to the season.
“But the signs are that some of the performances, both individually and as a team, are continuing to improve.”
Meanwhile, Bilel Mohsni has tagged his spectacular goal on Saturday as possibly the best of his career.
The defender’s stunning overhead kick in injury-time put the gloss on the 8-0 win.
“I once scored a header at Southend from the corner of the box at the 18-yard line and it was very hard to score,” he said.
“I think I prefer this one though. Jon Daly and the centre-back went to head the ball together and I saw it in the air. Temps was behind me as well.
“I thought to myself: ‘Let’s try it’ and it went in which was fantastic. I was very happy with the goal.”