The graph below shows the reported profits of Rangers.
As you can see these are actually losses, and generally huge losses. A target is to break even each year, before you took in to account the depreciation and the amortisation. The amortisation is explained here, the depreciation, shown here, can be viewed as the cost of the ground. The reason the board want to ignore these is that there's not much that can be done about them, in particular the ground costs.
The total losses over the last ten years are just over £173m. Clearly the only way the club has survived is through the amount of money pumped into it by its major shareholders.
The 2008 figures were scary. The 2009 ones are dramatically worse. The 2008 figures were for a great year on the pitch, and a big income from player sales. The 2009 were for a bad year as far as European football goes, yet still had income from player sales.
Only by making a profit of nearly £14m over the last two seasons on selling players have Rangers kept their losses down to £5.5m. There is no way that the club can continue to operate like that.
Rangers - Profits