In what has now become something of a tradition the club from Ibrox published their annual losses late on a Friday night to escape the token coverage through traditional media sources.
For the year to 30 June 2020 the Ibrox company managed to run up losses of £15.9m which is equal to the TURNOVER of Aberdeen, the third biggest club in Scotland. Turnover was £59m.
Having been knocked out of both domestic cup competitions and been hammered 3-1 at home from Bayer Leverkusen Lockdown had a minimal impact on the club despite the spin from stand-in chairman Douglas Park.
A loss of £10m had been predicted in last year’s accounts with three lots of shares issued in recent weeks in return for loans that kept the club afloat. In March former Chairman Dave King walked away to tackle a global pandemic from his home in South Africa.
Despite the massive losses Steven Gerrard went on a summer signing spree to bring in Ianis Hagi, Cedric Itten and Kemar Roofe at a cost of £10m plus three sets of wages and signing on fees. Some flops like Andy Halliday and Jon Flanagan moved on with others like Calvin Bassey taking their place in the pay roll.
Fortunately for the club there is no form of Financial Fair Play as the Scottish game lives off the Old Firm business model that failed spectacularly in 2012.
CLICK HERE to read the accounts in full.
