Aberdeen put Rangers to shame as £23.6m news emerges, embarrassing for the Gers
Rangers have been embarrassed by Aberdeen as the Scottish Premiership rivals announced a record-breaking turnover of £23.6 million for the 2024 financial year.
Aberdeen announced the latest figures via the club's official website on Sunday [24 November] as Jimmy Thelin's side revealed they are achieving what the Gers have failed to - compete with Celtic while maintaining financial stability.
Rangers' hierarchy should be ashamed of their efforts at Ibrox, Rangers released their annual report on 29 October, detailing the Glaswegian outfit had operated at a £17.2m loss for the same year.
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Aberdeen finished top of the relegation phase in the SPFL last term, how on earth have Rangers allowed a side who placed five spots behind them record £40.8m more in the black?
The Gers did manage to record £88m in revenue, and £67m commercial revenue, representing double-digit growth, but £110m in operating costs eat away at any profit gained, with £61m of the expenditure coming from staff costs.
The Dons recorded green across the board with a record commercial and retail income increase of £7m and a wages-to-turnover ratio of 54 per cent - a stark comparison to the amount of cash flow going out the door at Ibrox.
However, with the possible impending announcement of Patrick Stewart and Malcolm Offord as chief executive officer and club chairman, respectively [Rangers Review], the Light Blues are slowly making strides towards boardroom stability.
Rangers announced a partnership with the Kindred Group in October, believed to be the "biggest" deal in Scottish football, netting £3m per annum and followed that up with a record-breaking kit sponsorship with Guavapay representing a 45 per cent increase on all previous deals.
While the supporters may be looking at Aberdeen's finances in envy, there is plenty of promise that the club can return to match or even better the financial situation at Ibrox with a clear hierarchy soon to be in place.
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