Rangers Football Club's debt has increased to £68m - the highest figure in the club's history.
John McLelland said there was no debt crisis
The figure is an increase of almost £16m from last year.
However, the club's turnover rose by almost £5m and operating losses fell by almost £10m.
Chairman John McClelland said the figures showed that the club's finances were moving in the right direction.
He also insisted that there was no debt crisis at Ibrox.
The figures do not include any money received from the sale of former club captains Lorenzo Amoruso and Barry Ferguson to Blackburn Rovers and Neil McCann to Southampton.
Mr McClelland said: "The club, after many years of significant investment in our playing squad and more recently in our state-of-the-art training facility at Murray Park, had embarked on a three-year business plan to stabilise and improve the finances.
"The plan also recognised the need to react to the challenging economic conditions facing football clubs around the world.
"Following a trend over a number of years of increasing losses, I am pleased to report that in the first year of this plan we have made important progress by reversing this trend."
Last week the club secured its place in the money-spinning group stages of the Champions League for the first time in three years.
It is expected that qualification will mean a £10m boost for the Scottish champions.
Owner David Murray stepped down from his post as chairman earlier this year, leaving the day-to-day running of the club to Mr McClelland.
In June, Mr Murray said he was prepared to make more money available to continue the club's success.