Rangers posted their financial results yesterday and it made for grim reading.
The club’s net debt had increased by around £10million to £31.1million.
Despite winning the Clydesdale Bank Premier League, the Homecoming Scottish Cup and reaching the final of the Co-operative Insurance Cup, the club showed a loss for the year of £12.7m, against a £7.2million profit for the previous year.
Turnover, up to June 30, 2009, decreased by £24.8million to £39.7million which contributed to the massive swing in profits around £20million.
Rangers chief executive Martin Bain claimed defeat by FBK Kaunas in the qualifying stages of the Champions League, which eliminated Rangers from Europe altogether, was primarily to blame for the club's poor financial performance.
In a statement released to the stock exchange, he said: “The early elimination from European competition together with the reduced number of games resulted in turnover decreasing to £39.7million from the record high of £64.5million achieved in 2007/08.
“In total, 49 games were played in all competitions in 2008/09 as against 68 in the prior year.
“This had a detrimental impact on ticketing and hospitality income, whilst the commercial area of the business suffered due to the lack of income from UEFA for European participation.”