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I suspect the Europa run has inflated our wage bill. While Paterson and Gerrard are indeed 'one offs', we've already sold Bassey and Aribo which should have generated more. Qualifying for the Champion's League should provide a similar amount to the Europa run. Hopefully that's Sports Direct finally gone from our lives. Paying off the loans is a good thing I think, I suspect there will be more to pay off in the coming seasons. Overall a pretty good set of accounts considering where we were when this board took over. For all the criticism they've had recently they've delivered stability and all being well it's a sustainable model.

I must have employed hundreds of people in my working life, every one of them with the intention of making a positive contribution. Over the period maybe a dozen or so turned out to be a major success, most were merely average and quite a few were a bloody waste of time and money. All of them were researched, vetted and sourced by professional recruiters. The point is that, as anyone who has had to recruit people will know, there are absolutely no guarantees and you will have your share of failures. I believe the key is not to dwell on those who don't live up to expectations and get rid asap. The same goes for Rangers. What you certainly don't want to do is re-hire people who have already shown you what they can do and didn't impress. In any case, there are very few Water Smiths out there who can repeat previous successes.

Agree, plus I thought we should have had a pen for the shove on BB

Also the kids that came out with the team were those of fallen heros.

Beale seems a good sort but was a key part of the management team that seen us decline before Gio arrived. There's no way we should be looking at any of them and surely we have something a bit more innovative up our sleeves.

Our support's inability to let go of past employees is bizarre. Beale's record at QPR is very average (just check their last handful of results) and things weren't working out very well before him and Gerrard left Ibrox. Time for new ideas.

No point reading it until the obsessed mutants with real financial acumen publish their take on it, on Kerrydale Street.

Am I the only one who thought that we deserved to win by 3 or 4 goals tonight? We created some good chances and Alfie should have had a hat-rick! Anyway, MOTM performance by Kent. Borna, Tillman and Sands (1t half) played well and a good cameo from Wright. Hearts didn't want to play tonight and played very defensively. On to St. mirren on Saturday.

Hoping to see some hunger from Matondo tonight. He needs to be taking opportunities like these.

Is Jack available tonight? I see he's in the Scotland squad for the upcoming Turkey match. Absolute joke!

Repaying loans has no impact on profitability.

We have clearly sorted out a pile of issues. We have also been very lucky to get so much money in to do so. We have raised an additional 80-100 million of money we might not have raised over the last 10 months. God knows where we would be without that.

They're all over it already, very strange people.

I agree completely. It is a no from me on both Gerrard and Beale. I don't get the Michael Beale love in online. That ship has sailed.

I'd imagine there's next to no chance of Gerrard returning. 1) We still don't have any money for him to spend 2) The issues from the end of his first spell remain 3) He has no Mick Beale. Gerrard took a fairly big risk moving to Villa and it's not paid off. I'd fancy his next move will/should be to a Championship club where he can prove himself again with a new staff and a bit more money to spend than he'll get here.

Sure and some of the figures need to be explained but there's no doubt the money spent off the park provides the foundation for the future. The biggest question for me is how do we fund that future when: A) European football isn't guaranteed (EH should help offset to a small degree) B) We have no players to sell for large sums (with hindsight Morelos, Kent and Kamara should have been sold) C) Our record in the transfer market is less than inspiring with the next two windows vital

£55m wages is simply too high

Yes, to an uneducated financial ignoramus like me it looks like: Our wage bill is too high (constant) Selling Patterson/Gerrard & Co has made a massive difference (one off) Euro run has made a massive difference (one off) Penalty payment to SD is an ouch (one off) Loan repayments is an ouch (one off) Looks like we struck gold getting to El final and selling Patterson/Gerrard. Without that, we could be in trouble. Football operations need to tackle wages. Too many players with no real resale value earning a large wage is problematic. Positives for next year will include Aribo/Bassey and CL cash, but be countered with NEH and repair costs? Are there any more significant outstanding loans to be paid? Poor TV deal impacts us greater than it does other team (funny that) Happy to be corrected by someone who knows what they are doing

No, thank you.

First half was torture but Kent seemed to rediscover his form second half which made a big difference Would like to see the Barasic penalty incident again. Looked a stonewaller from where I sit in the SJ rear

I enjoyed the second half tonight. Highlight of the first half for me was the performance of James Sands at defensive mid. Best player by a mile. The difference in the second half was that we played with only one defensive mid and had a lot more players in the final third. I have been critical of Kent lately but he shone in the second half. Tillman, Arfield, Wright and Morelos all did well although Alfie is definitely needing game time to get his sharpness back in front of goal.

I thought that useless bastard Kent had a great second half. My MOTM.

Also, what a magnificent display pre-match to our fallen heroes.

There's that Kent not creating again.

We have reverted to the pointless crossing to one guy in the box who keeps getting beaten in the air again I see.

Can only imagine Sands is injured to be replaced. Think he played well actually.

Your one-man vendetta against Kent is unjustified. He's far from the least productive Rangers player on the pitch

So much of our play goes through Kent and he’s rubbish. Nowhere near the required standard.

Per Note 27 its 6%...

Which, to be fair, is exactly what the board said was its primary objective.

So all in all, they look very encouraging and next year's should be similar. Does feel like they are the first ones since being back in the top flight which show we're nearly in good place, a solid footing which we can build from.

My comment on Beale with Gerrard as assistant was made more as a tongue in cheek comment to reference how differently their paths turned out and that the majority of the Rangers support could have foreseen what has happened to both. I am firmly in the 'lets move on' camp

I agree 100% as somebody who has also hired many a person, you can quite quickly work out the difference between people who are not good, and those who are not good, but can be improved. We need to somehow miraculously find that person who IS good but can also improve with us...

Surely not available for tonight, dont expect to see him play for Scotland either. I get he wants to represent his country but it would be nice if he was fit to represent his club first and foremost.

I'd say, as a club, we've made good progress and the board should be commended for the work they've done overall. On the pitch, however...

Here is the thing though we have broken even with this revenue. despite paying back 15 million in loans, 6 million to SD etc. Where is this seasons money which must be even more?

I think the balance between monies kept back towards off-field stuff and those put towards improving the team was somewhat imbalanced but the SD debacle was a clear concern. Imagine that £8m went to another two players? As we've seen in recent years, there's no guarantees when it comes to having the correct manager or identifying the right players. As such, I can see why the board have erred on the side of caution and looked to eliminate various liabilities.

I think that's the concern, with some of the previous appointments in mind.

Well we know where all the money went then and it wasn't on the park.

Good point. IIRC when we got to Manchester, around half of the income was paid out to staff in bonuses (thanks Martin Bain) 🥸

From what I've heard, David and McGregor took wage reductions to stay on.

In general terms, accounts make for positive reading in that various loans have been paid back and SD paid off. That explains why the profit headline is conservative and why investment in team not to level we may have wanted. However, foundation stabilised which is good news. In addition, it's worth noting sale of Bassey won't be accounted for in this report so will help keep the turnover figure positive for next November. CapEx projects also helpful to reduce reliance on matchday revenue. Ability to player trade in next two windows remains decent. All in all, biggest disappointment is our failure not to move forward on the park this season off these accounts. CL qualification was important but poor player trading choices may hinder us in medium term. Future of RW and Gio now key to direction of club over coming years.

As always it would be great if one of our resident accounts experts could submit even a short article for us to use on the main site. Or even come on the podcast on Friday or Sunday night....?

What we needed was Hagi hitting top form this season after being understudy to Aribo with Tilman coming in slowly as understudy. Hey ho

Proud to be a Bluenose. Excellent photos 🔴⚪🔵

This is just turgid.

We've committed to spending £9.6m on NEH and the stadium.

Worth clicking on the link for a thread comparison.