The 26-year-old was found dead by his parents at their home on Sunday morning.
Tom, who was on the bench for the game against AFC Rushden & Diamonds at the Trico Stadium on Saturday, signed for the Reds in October 2019 from rivals Bromsgrove Sporting.
The club issued the following statement: “Redditch United are devastated to hear of passing of midfielder Thomas Rankin.
“Tom has been with the Reds for the past three seasons and his loss will be felt by all at the club. Our thoughts are with his family at this time.”
The league sends its deepest sympathies to Tom’s family and friends.
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