Rangers have announced operating losses of £14.4million in their annual accounts.
Rangers International Football Club plc announced revenue of £19.1million and staff costs of £17.9million.
The club, who raised £22million through a share issue in December, revealed they had £11.2million cash in the bank on June 30, £4.5million of which came from season-ticket sales.
Rangers also announced they would hold their annual general meeting on October 24.
Meanwhile, Rangers revealed they had received a request for a notice with the resolution that Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson be appointed directors at the AGM. However, the board claim the resolution is “unlikely to be properly constituted under s338 of the Companies Act 2006”.
The accounts, for a 13-month period, also show that former chief executive Charles Green was paid a total of £933,000.
Green stepped down in April following allegations over links with former oldco Rangers owner Craig Whyte, which he denied and were the subject of an internal investigation by the club, which was not published.
The club yesterday announced that Green, whose proposed return to the club as consulatant in August was vetoed following an outcry, no longer had any notifiable interest in the company following the sale of shares.
Green received wages of £333,000, a severance payment of almost £220,000 and a bonus of £360,000.
Other highly-paid employees included manager Ally McCoist, who received £825,000. McCoist revealed on Friday that he had agreed a pay cut.
Finance director Brian Stockbridge received more than £400,000, about half of which was a bonus, while former commercial director Imran Ahmad, who has launched legal action against the club over a bonus row, received £300,000.
A breakdown of the figures showed first-team wages were £7.8million while the club’s biggest income stream by far was gate receipts and hospitality (£13.2million).
Other major sources of revenue included sponsorship and advertising (£819,000), retail (£1.6million), broadcasting rights (£778,000) and commercial revenues of almost £1million.
The club revealed they had £4.2million of non-recurring expenses, most of it from the repayment of oldco Rangers’ football debts totalling £2.7million, as agreed when the club’s Scottish Football Association membership was transferred.
The rest of this total was made up of investigation expenses and acquisition expenses totalling £600,000 each and share issue costs of £300,000.
Rangers also revealed they had spent £600,000 fighting Whyte’s legal claim against the club as part of an overall legal bill of £2million.
Stockbridge claimed Rangers had turned the corner to reach financial stability.
Stockbridge, who formed part of the consortium who launched the new company after a £5.5million purchase of the liquidation-bound club’s assets and business, wrote in his business report: “It should also be noted that we have committed to investing £1.8m in stadium Wifi, trackside LED screens and the jumbo screens to improve fan experience.
“This should also help generate additional revenue streams and it is the intention to make profitable use of Edmiston House, which was brought back into the club’s ownership along with the Albion car park for £2.5m.
“Inherited contracts from pre-administration included termination payments of £1.7m for expensive players and their agents, which would have cost the club £2.5m for the current season had we not acted when we did.
“However, as has been made clear, these are all exceptional cash costs which will not be repeated and so going forward we can look to costs continuing to narrow and sponsorship developing.”
Stockbridge added: “Whilst an operating loss of £14m was made on a turnover of £19.1m in the period, it will not be repeated this season. Turnover in retail this season is expected to bemuch higher than the £1.6m received.Operational costs are now significantly lower than they were at the start of the period and additional revenue streams are being generated.”