Chairman Dave King attributed the improvements in income to a far superior Europa League run, which resulted in six more home games and prize money for reaching the group stages; and "commercial opportunities and season ticket uptake" sparked by the appointment of Steven Gerrard and Gary McAllister as their management team.

The extra £10m in expenses was put down to increased investment in the management team and playing squad along with operating costs of hosting seven extra games.

The club also reported a gain in transfer money of £2.8m – they sold Josh Windass to Wigan in August and are believed to have received a sell-on fee following Martyn Waghorn's multi-million pound move from Ipswich to Derby.

Rangers also held a share issue during the period, raising £1.5m in cash and converting £11.1m of debt into equity.

King stated that, given the bulk of the club's income comes in the first six months of any season, they are forecasting the full year results will be "close to break-even".

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