By Sean Fisher

14th Nov, 2023 | 4:03pm

Revealed: Rangers hit by £8m blow as news confirmed

The wage bill at Rangers inflated by over £8million in the 2022/23 season, Football Insider can reveal.

The Scottish giants released their latest financial accounts on Monday (13 November), revealing a turnover of £83.3million and an operating profit of £252,000.

It marked a huge decrease from the £5.9million profit recorded in the club’s 2021/22 accounts.

Despite competing in the Champions League last season, Rangers’ group stage exit meant they played fewer matches and received similar Uefa payments to the year prior when they reached the final of the Europa League.

While sponsorship revenue, matchday receipts and broadcast payments all decreased in 2022/23, Rangers revealed that their wage bill had increased significantly.

The wage bill in Rangers’ 2021/22 accounts was £48.3million with 95 players on the club’s payroll.

However, the latest documents from Ibrox reveal that the wage bill has grown to £56.5million with 102 players now employed by the club.

Eight new first-team players were brought in by the club in the 2022 summer transfer window, including Ben Davies, Antonio Colak and Todd Cantwell.

Gers were also able to offload multiple first-team players including the club-record sale of Calvin Bassey to Ajax in a deal worth £19.6million.

But the wage bill at Ibrox still grew, likely due to contract clauses triggered by the club’s qualification to the Champions League group stages.

It means Rangers are now paying over 50 percent of the club’s revenue on first-team player wages.

The wage-to-turnover ratio in 2021/22 was 44 percent, but the latest accounts revealed it had grown to 51 percent.

In other news, Kieran Maguire reveals ‘huge’ £32m issue as Rangers set for payout