RANGERS have posted a loss of £15.9million for the last financial year as the impact of Covid-19 was laid bare at Ibrox.

The loss is an increase on the £11.6million deficit that was recorded 12 months ago and comes as Rangers saw revenue increase by 11 per cent to £59million.

Operating expenses excluding amortisation of players’ registrations increased by £10.3million, from £58.2million to £68.5million, most of which was as a result of a £6.7million increase in player costs.

The figures, which relate to the year ending June 30, show that Europa League football brought in around £21million to Rangers as Steven Gerrard’s side reached the last 16 of the competition last term.

Rangers saw a rise of £1.2million in season ticket income, while sponsorship revenues were boosted by 13 per cent from the previous year thanks to a range of new commercial partners.

Share issues saw a further £17.7million worth of shareholder loans converted to equity and the figures do not include the recent investment from businessman Stuart Gibson.

Chairman Douglas Park said: "The financial year under review is unlike any other, no matter the business or walk of life. The impact of COVID-19 will have far reaching consequences for our economy and society. Rangers is not immune to the severe effects of this unprecedented challenge. This is a club which has experienced some of the darkest days that any football club can endure. This is a club which has repeatedly displayed remarkable resilience in the face of adversity and which will do so yet again.

"Amidst the current economic storm, the Rangers support has again stood tall. I am never more proud than when I see Rangers raise the bar. To, once more, sell out season tickets and corporate hospitality is quite astonishing, particularly when it was largely accepted that many games could be played behind closed doors.

"The signing of a new kit and retail partnership with Castore has proven highly successful. This was a significant moment in our recent history, and it was a privilege for me to open The Rangers Store at Ibrox in August. This is a long term, ambitious and innovative partnership which seeks to provide best in class merchandise to our deserving fans all around the world. In so doing, it will deliver the revenue stream befitting of the club.

"Although the season was curtailed early, it was disappointing to end without a trophy. Of course, silverware is the ultimate barometer of success at Rangers but I believe that there has been significant progress made under our Manager, Steven Gerrard and his team. Few now doubt that we are getting ever closer to the success that each and every one of us craves.

"Our hunger for domestic success is undiminished. We continue to invest heavily in the first-team squad with seven additions made during the summer. The reduction in the overall size of the squad was also important as we prioritised quality across all positions.

"COVID-19 has brought with it the severest of strains to all of our business and personal lives. As we can see from the plight of a number of clubs throughout Europe, football is facing some very serious challenges. Indeed, playing matches behind closed doors is likely to adversely impact the club by in excess of £10m in the current season. Yet I am confident in your Board and our employees to face these challenges with the backing of our magnificent loyal supporters.

"In closing, I would like to acknowledge the tireless work of each and every member of our board and staff at Rangers. Our club thrives due to our people who have demonstrated they are prepared to go above and beyond, time and again.”