Rangers' Elite settlement amount has been revealed in the club's annual accounts.

In a table on page 58 of the accounts, the figure is confirmed to be at £3.8m on June 30, 2024. 

Under section 28 of the club's report, titled 'Provisions and other creditors,' it reads: "During previous years, the club entered into a settlement arrangement resolving litigation relating to a retail arrangement.

"Amounts in respect of this settlement are included within financial statements as Other Creditors. Payments towards this are ongoing on an annual basis.

"Subsequent to the year end, the club entered into a further settlement agreement relating to a subsequent retail arrangement.

"A provision has been included as at 30 June 2024 to reflect the amounts payable under this settlement, as set out in the table below.

"This settlement is payable by instalments with the final payment falling due in September 2029.

"During the year under review, the club entered into a settlement agreement with a commercial partner.

"This settlement is payable in three instalments with one made during the year under review and the balance payable included within other creditors."

The Operational Report section of the business review outlines how much the club's wage bill has been cut in the face of the recent and ongoing squad rebuild.

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"Realignment of costs has been made across the business, but particularly in the first team squad cost, which reduced by £2.5 million," reads the report. "This is anticipated to reduce by a further c£6 million in the coming year since the Summer 2024 transfer activity.

"A strategic review of the player trading model was undertaken after Nils Koppen joined the club."

The report continues: "Together with the manager, and with the support of the Board, there has been a focus on reducing the age profile of the squad...

"Ensuring the first team wage budget is commensurate with our business model and delivering enhanced squad value through acquisition of top-rated young talent.

"Delivering on the player trading model is critical to the future success of the club."