Rangers finance chief details plan to wipe out £10m figure as he makes squad funds promise
Rangers finance chief James Taylor has mapped out the Ibrox club’s plan to wipe out the £10.5million pre-player trading loss that chairman John Bennett told shareholders “had to go away” and to “keep an eye on” at the AGM.
Bennett promised supporters the Light Blues will break even and pledged never to return to the dark days of 2012. The club’s last set of accounts showed an operating profit of £250,000 to the year ending June 30, 2023, but a net loss of £4.1m and overall revenue down on the previous year.
Taylor was appointed as the club’s new chief finance officer and outlined his plans for the club in the next five-year financial cycle. In an interview with the Rangers Review, he said: “There are a number of different facets around how we make that go away. You will see across various different football clubs that that is a challenging target, to be clear, but it is one that we should set ourselves and that we believe as an exec and a board that we can deliver against.
“It will likely take the first half of the strategic cycle to really deliver on that and deliver on that consistently but we do think that we are on the right path. The changes that we have made in the first four or five months, we are seeing the outcomes of those. But it will take a little bit of time to make sure that we have that sustainable number moving forward and making that £10million go away.”
Rangers have committed to a significant fee to sign rising Ivorian Mohamed Diomade with the midfielder FC Nordsjælland set to cost £4.5m after an initial loan fee - with young Colombian Oscar Cortes similar from Lens.
But Taylor says, while driving down that £10m deficit, that they will invest in the team while trying to rake in transfer fees. He said: