Mulholland said it is now up to the Academy to put the money to good use in order to continue to develop players who can push for a place in the first-team.
Speaking to RangersTV, he said: “It is fantastic, I think particularly this year given all the troubles we have had and the challenges.
“For Colin and RYDC to produce this amount of money for the Academy is tremendous. I know Colin and his team have been particularly innovative in terms of how they have gone about it and I think again for the supporters to continue to back the Academy in the way that they have is fantastic.
“I know that everyone in the Academy is really grateful. We have managed to put on a whole lot of innovative programmes and none of that would have been possible without the help of RYDC.
“They have produced some wonderful sums on an annual basis to support the Academy.
“Our job now is to make sure we put it to good use and continue to develop young players who have a real chance of playing for Rangers first team.”
Mulholland thanked supporters for supporting RYDC initiatives and in turn backing Rangers Academy.
He continued: “When Nathan Patterson came on last weekend you saw a lot of comments and the feeling around it.
“People love to see a young Scottish player who has been brought up supporting Rangers playing for the first-team. When we all come together at Rangers whether it’s the Academy, the first-team, Colin and his team and certainly the supporters we create that one club effect.
“I think something really special happens when we come out the other side of that. We are really grateful to supporters for continuing to support what we are trying to achieve.”
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