Chairman John Bennett pointed to the figure he believes is key to future financial success at Rangers.
The Ibrox club’s recently published accounts for the year to June 30, 2023 revealed a turnover of £83.8million, an operating profit of £250,000 but an overall net loss for the year of £4.2million, despite the sale of Calvin Bassey and Joe Aribo contributing to a record player trading profit of £23.6million.
Speaking at the club’s AGM at New Edmiston House on Tuesday morning, Bennett said: “I am focused on more than one number, but there is one number that should be focused on in that profit and loss account.
“Yes, this club, for the second year in a row, printed an operating profit but that was post-player trading.
“This club last year lost £10.5million, pre-player trading.
“I would ask you please to keep your eye on that £10.5million. It has to go away.
“This is a new executive team for a reason and it is tasked with not only growing the club, but driving through operating efficiencies.
“It is a cultural change and it is under way.
“That £10.5million has to become, at worst, zero. Not every club operates at that level, in other words at minimum break-even prior to player trading.
“They need player trading to have a model. We want to take Rangers to a place where it breaks even or better. I can tell you right now, every day it’s turning – and it will turn.”