RANGERS INTERNATIONAL FOOTBALL CLUB PLC (Sevco) have published more worrying ‘accounts’ for the six month period to 31 December 2016.
With three year losses of £11.4m the club has almost three times the amount of debt allowed by UEFA to take part in their competitions.
Although that level of loss hasn’t been commented on by any Scottish club or authority it is bound to be an issue if a well run European club misses out on prize money to a club with no regard for FFP.
No name appears alongside the briefest of accounts/details which confirm that despite promotion to the Premiership the company was able to post a profit of just £0.5m in the first half of the season when season ticket money and optimism abounds.
There is a mention of ongoing action with Sports Direct but no provision made in the accounts with no mention about legal action from the management team that departed in February.
Also missing is any comment on how Dave King will fund the ruling from the Takeover Panel that he used a concert party to take control of the club in 2015.
Income rose to £16.3m for the period July to December creating a profit of £0.5m compared to £0.3m during the same period in 2015.
Costs, mainly player wages, rose by £4.3m (for six months) ‘to be competitive in the Premiership’. It appears that the club has been more competitive towards avoiding relegation that competing at the top with Celtic currently 33 points ahead.
Accountants Stewart Robertson and Paul Murray unwilling to put their professional reputation on the line through association the accounts are largely worthless.
With three year losses of over €5m the club fall foul of UEFA’s Financial Fair Play regulations which puts the SFA in a spot.
When it comes to licensing the SFA will have to decide whether to put forward a member club that is certain to be sanctioned by UEFA for rule breaches or whether to nominate a club that has achieved it’s success without going heavily into debt.
CLICK HERE for accounts.
