David Lowe has seen the movie before. Some fans celebrated with jelly and ice cream.
In February 2012 the old Rangers club went into administration when Her Majesty demanded payment on the wages paid out to Ally McCoist’s side.
Four months later auld Lizzie rejected a botched CVA put together by Charles Green and the old club was sent into liquidation, the process has still to be completed.
The tribute act hasn’t learned any lessons from the demise of the 139 year old institution, during the 1-1 draw with Kilmarnock losses of £14m were posted for the Caixinha Revolution.
Signs are that the Gerrard Revolution won’t be any cheaper with success just as elusive.
Unless a club in China takes leave of it’s senses or Close Brothers display a rare act of generosity reaching the end of the season will be quite a challenge.
Looking at the figures in The Sun Lowe explained: “Rangers have failed to make a profit since they imploded six years ago.
Me, pontificating with a bit of subjective editing as I never used ‘implode’. I used ‘liquidated’ and the new club had never made a profit since formation in 2012. Let this be clear. https://t.co/NyA3zgXQMR
— David Low (@Heavidor) November 3, 2018
“By my reading, their losses since then have totalled £38.6m and that’s just madness.
“Never mind the football side of this, as a financial guy looking at their accounts, their business model makes no sense.
“Spending more than you earn year after year…how do they get their money back?
“Their cash is due to run out again early in the New Year and they’ve admitted another £4.6m in loans will be needed, with another £3m required next season.
“Yet Steven Gerrard is talking about signing more players in January.
“However, after those horrendous accounts, I imagine the only way he’ll be able to do that is by wheeling and dealing, shifting some players out in order to bring others in.
“But that’s easier said than done – plus Carlos Pena and Eduardo Herrera are still under contract and due to return in January.”
He added: “How does it end and at what cost?
“Does money literally not matter any longer? I can’t see the logic in their approach.
“Financially, Celtic are unassailable. There’s no glimmer of light for Rangers – it’s as bad as it’s ever been for them, which is why they need to rein in the spending.
“Celtic are currently responsible for generating two-thirds of Scottish football’s GDP; Rangers and the other 40 clubs provide the remainder.
It’s believed that there are currently eight players at Ibrox picking up £1m a year in wages with the entire new management team costing around three times that figure.
