Rangers today announced trading losses of Stg£19.1 million and operating losses of £31.9 m for the year to June 30th 2002.
The staggering results are compared to the £7.9 million and £16 m figures respectively of the previous year.
Former chairman David Murray expected such results having spent big on a new training complex and players while also forging a bond with Australian club Northern Spirit.
The honorary chairman said: "Last year, like previous years saw a combination of investment both for current and long term success.
"Expenditure of £55million over the last three years on the current playing squad has created a team of European quality.
"At the same time our investment of £15 million in the Murray Park training facility is to ensure we can maintain this standard in the future without incurring the scale of expenditure previously seen on transfers in.
"A dramatic change in the market for top-flight players has been seen across Europe affecting the ability of clubs to realise previous values in the transfer market.
"This together with the exceptional accelerated amortisation of player values as a result of Financial Reporting Standards (£4m), the write down of Goodwill in Northern Spirit (£1.4m) and the time required to restructure the player pool, resulted in the Operating loss increasing to £31.9m from £16.3m."