Rangers' net debt is shown below. The bigger the number, the worse the debt.
The great improvement in the figures in 2005 came from the amount of money put into the club by its shareholders as part of the Rights Issue. Over 4500 individuals put money in and raised £51.4m. The improvement in 2006 came from the deal with JJB Sports for them to market Rangers merchandise in their shops.
The worsening debt in 2007 was put down to having no Champions League football.
The increase in 2008 was put down to player signings. Having no improvement in debt despite a fantastic year on the field highlights that the way the club is financed looks unsustainable.
The hint from 2008 that things were out of control was reinforced in 2009, and the debt increased to highlight this. With the on-going investment in players that can't be afforded it is difficult to see this being turned around in the short term.
Rangers - Net Debt