Rangers took in just £810,000 from summer sales, chief financial officer James Taylor has confirmed at the club’s annual general meeting, PA are reporting.
The club announced a £17.2m loss in their accounts for the year to June and spent £13.4m on player acquisitions.
Todd Cantwell, Connor Goldson, Sam Lammers, Robby McCrorie and Scott Wright left the club for small fees prior to the closure of the summer transfer window.
However, in his address to shareholders, interim chairman John Gilligan said the club “is now in a much stronger financial position”.
Patrick Stewart will start as Rangers chief executive on 16 December and Nils Koppen, who had been director of football recruitment, has taken on the role of technical director.
Gilligan expects a long-term chairman to arrive “shortly” and have “the brief to reconfigure the board to include two further independent non-executive directors, two-three executive directors including the CEO and CFO and two-three investor directors”.
“Patrick brings a wealth of experience and knowledge having spent over 20 years working in football,” said Gilligan.
“Indeed, he operated at Manchester United for 18 years, and held a variety of senior positions there, including that of Interim CEO. We look forward greatly to him joining us, and to him leading us into a new era.
“Nils has set our men’s first team on a course to be significantly more sustainable in the years ahead.”
