Rangers Board Poised to Bolster Squad with more signing – As Finance Chief promises more funds

Rangers Board Poised to Bolster Squad with more signing – As Finance Chief promises more funds

Glasgow Rangers finance head James Taylor has laid out the Ibrox club’s strategy for wiping out the £10.5 million pre-player trade loss, which chairman John Bennett said shareholders “had to go away” and to “keep an eye on” at the AGM.

Bennett promised supporters that the Light Blues would break even and vowed never to return to the terrible days of 2012. The club’s most recent set of accounts revealed an operating profit of £250,000 for the fiscal year ended June 30, 2023, but a net loss of £4.1 million and lower overall revenue than the previous year.

Taylor was hired as the club’s new chief financial officer, and he announced his goals for the next five years. In an interview with the Rangers Review, he stated: “There are several different aspects to how we make that go away. To be clear, that is a hard aim for numerous football clubs, but it is one that we should set for ourselves and believe we can achieve on as an executive and a board.

“It will most certainly take the first half of the strategic cycle to fully execute on that and do so consistently, but we believe we are on the right track. We are witnessing the results of the improvements we implemented throughout the first four or five months. But it will take some time to ensure that we have that sustainable figure moving ahead and that £10 million is no longer needed.”

Rangers have agreed to pay a hefty amount to recruit rising Ivorian Mohamed Diomade, with the midfielder from FC Nordsjaelland due to cost £4.5 million after an initial loan fee, and promising Colombian Oscar Cortes from Lens.

However, Taylor argues that while they work to reduce the £10 million deficit, they will invest in the club while hoping to earn transfer fees. He stated, “There are monies available that we intend to use to build the squad. While we recognise it in one year, the financial benefit is spread across several years. It is critical that the football board and the finance world are properly integrated, and we are starting to see the merits and benefits of that football board as we move forward.”

Taylor also has personal experience in the football industry as the son of David, the late SFA chief executive and UEFA Events chief executive, and claims that there are no concerns with adhering with European football’s governing body’s tough Financial Fair Play standards. He stated: “From a UEFA aspect, we believe that as a football club, we are growing. We have a really excellent connection with UEFA, which we continue, and I believe this will be vital as we move forward. That is not to say we should be complacent about it. We need to stay on top of it, constantly assess and ensure that we are where we need to be.”

Get more related news on https://sportviewers.com