Rangers’ efforts to reduce their wage bill by £6 million have been “offset” by redevelopment costs at Ibrox and their failure to secure Champions League qualification, according to James Taylor.
During a fan advisory board meeting, Taylor highlighted that missing out on the Champions League’s financial windfall, coupled with early-season stadium expenses, has hindered the club’s ability to fully capitalize on its cost-saving measures.
At the club’s Annual General Meeting on December 5, it was revealed that Rangers had trimmed their wage bill from £41 million to £35 million this season. However, unexpected expenses linked to Ibrox redevelopment projects added to the financial strain.
Speaking to The Rangers Review on December 14, Taylor stated:
“The club has made significant strides in aligning its wage bill with sustainable levels, achieving a reduction of approximately £6 million. This reflects our commitment to financial stability and effective resource allocation across the club.
“However, these gains were partially offset by the financial impact of missing out on the Champions League Playoff round and redevelopment costs related to the Hampden and Copland Road Stand projects. These challenges have constrained the full benefits of our cost-cutting measures.”
Financial Challenges Despite Progress
Despite cutting £6 million from their wage bill, Rangers remain in a precarious financial position, with the latest accounts revealing a £17 million loss. Their failure to progress past the Champions League third qualifying round, losing to Dynamo Kyiv, proved particularly costly. Adding to the difficulty, that loss occurred at Hampden Park rather than Ibrox due to delays in the Copland Stand redevelopment.
The upheaval impacted the team’s start to the season, but Philippe Clement’s side has since found form and will return to Hampden to face Celtic in Sunday’s League Cup Final.
As the club’s chief finance officer, Taylor has delivered sobering updates in recent weeks, but a strong performance at Hampden could provide the team and its supporters with a much-needed morale boost.
