Ibrox chief confirms downsizing as he aims to cut £10m from spending

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:

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.