Rangers made a loss of £23.5m in the financial year up to June 2021, with the club saying that the Covid-19 pandemic had a serious impact on income at Ibrox.
The club released its annual report to shareholders on Friday, with the figures showing a significant fall in revenue.
The pandemic meant that supporters were unable to attend matches in a season where Rangers won the Premiership and progressed to the last 16 of the Europa League, depriving the club of match-day revenue.
That contributed to a loss £8m greater than in the previous year, and a drop in revenue of £13m.
Rangers chairman Douglas Park said in the report that the financial support from fans, as well as the board and investors, had helped to offset further damage.
He wrote: “The year under review was, of course, heavily affected by Covid, and the impact that had on revenue streams, both matchday and non-matchday. Initial estimates are that the adverse effect on revenues was over £20m, and the effect on the net loss over £10m.
“The group has submitted a claim on its business interruption insurance for losses caused by Covid, the curtailment of the 2019/20 season and the closed-doors games and the restrictions on stadium usage throughout the 2020/21 season.
“The scale and timing of any future claim is uncertain, however we have recognised amounts received from our insurers against our claim to date.
“That the business has been able to continue through this very uncertain time has been a credit to the loyalty of the fans, who purchased season tickets and hospitality despite not knowing if they would be allowed into the games, and to the board and investors, who have supported the club again as events have unfolded and circumstances have changed throughout the year.”
The club will require further investment in the months to come but Park said that investors had already committed to covering those needs.
The report read: “The forecasts indicate that funds are required to support the club for the rest of the season 2021/22. The board have received undertakings from the investors confirming that they will provide financial support as it is required.”
The report also detailed investment in the playing squad and said that £5m had been spent on improving and developing Ibrox Stadium and its surroundings.
In the manager’s review, Steven gerrard thanked the fans for their support and said that he and his team were working to deliver further success.
Noting the addition of summer signings John Lundstram, Fashion Sakala and Juninhi Bacuna to his squad, he said that improvement would require continual financial backing.
“Progress can only occur with ongoing support from our board,” he said. “Together, we will continue relentlessly in the quest for more silverware.
“That, of course, means investment into the squad. In particular, the additions of John Lundstram, Juninho Bacuna and Fashion Sakala have continued to improve the quality and balance of our squad. The new additions have settled in well and I’m certain that they will each make strong contributions to our task.
“Securing James Tavernier and Glen Kamara on long term deals was very pleasing. It’s important that such players commit to long term contracts, a development all parties were delighted with. There will always be room for improvement and I will never cease in my desire for more.
“In closing, I would like to put on record my thanks to every supporter who has backed us in the last year. Alongside the board and our world class staff, we will continue to do everything in our power to make Rangers even better for the future years to come.”