John Bennett has told concerned shareholders that he is looking to cut £10.5m from the club’s running costs.
Despite playing in the Champions League group stage for the first time ever plus selling Calvin Bassey and Joe Aribo the Tribute Act managed to lose £4.1m in the year to 30 June 2023.
A massive and growing wage bill is a major factor in the increased costs while the capacity of Ibrox and low value commercial deals contribute to the ongoing problems.
Since the end of the financial year the club has spent a net £13.1m funding the Micky Beale Revolution, with that plan abandoned fans expect funds to be made available to Philippe Clement in January.
Reporting from today’s AGM:
— Colin ? (@atcolin) December 5, 2023
Kemar Roofe and John Lundstram are believed to be earning a combined £4m a year, with both of them out of contract allowing them to leave will reduce costs in the 2024/25 season.
Unfortunately Beale signed Sam Lammers and Cyriel Dessers on lucrative long term contracts with virtually no chance of the fees being recovered with clubs highly unlikely to match the wages those players are picking up at Ibrox.
Ryan Jack, Borna Barisic, Leon Balogun and Jon McLaughlin are also out of contract at the end of this season.
I would have thought that after big Alfoodo Morelos ran down his contract netting the Rangers no money whatsoever and was Joe the Toff , that the enormous money spent on his daily Scooby Snacks bill would have reduced the £10.5 mil costs exponentially ! I mean ,we are talking astronomical money here for that item alone …wow !
Bammers and Tossers must stay.
Giro city time over there,the new klub from ibrox have done more tapping than a blind man’s stick.
12 years after inception, The Rangers finally ‘says’ it will cut its cloth.
IF Bennett is indeed serious about cutting the sevco Costbase
– in the region of £10.5M – then that has to massively impact
both the size and the quality of the sevco squad, into the medium term.
Additionally, sevco has to regularly uncover cheap signings,
and sell on for a big profit,
just to generate ongoing transfer funds for the manager.
A few years of genuine austerity at ibrox…?
Don’t think the bears will accept that.
Taxi for Bennett! 🙂