Rangers’ finances were boosted by the sale of Nathan Patterson to Everton and a big compensation package paid by Aston Villa for manager Steven Gerrard.

The club recorded an operating profit of £5.9 million to the end of June to the previous 12 months when a loss of £23.5m was recorded.

Turnover almost doubled to £86.8m, a record for the Ibrox club, while the wages to turnover ratio dropped to 44% (70% in 2020-21).

The run to the final of the Europa League brought in more than £17m, while player trading profit was boosted by £11.2m following the sale of defender Patterson at the turn of the year and £4.25m compensation for Steven Gerrard.

Staff costs increased by £7m to £54.8m, while “other operating charges” which include matchday costs and overheads rose from £14m to £28.3m. Total liabilities were up from £5.4m to £12.4m.

There was an overall net loss for the year in question of £900,000, which chairman Douglas Park said was down to “squad and infrastructure investment” as well as “player amortisation and depreciation of £13.9m”.

This season’s participation in the Champions League for the first time in 12 years will be reflected in next year’s results.

“I am delighted to be reporting a club record turnover of £86.8m for the year to 30 June 2022,” said Park. “From this revenue, we returned an operating profit of £5.9m which represents an improvement of £27.6m on last year’s operating loss. This demonstrates the success and progress achieved over the last 12 months.

“During the year to 30 June 2022, we have raised new equity of £10.1m and taken on new debt of £3.6m to strengthen our financial position.

“The past year has provided many highs and lows, along with challenges both on and off the park but ultimately I believe we are continuing to grow stronger as a club.

“While there have been moments in the last year that have exceeded both my own and the board’s expectations we cannot, and will not, stand still and continue to have so much more to do.”