BBC Scotland have applied top spin to the Ibrox accounts that were given their traditional Friday evening release last night.
Every area of increased turnover is covered in the lead story on the state run website with the mind-blowing losses of £15.9m treated almost as an aside.
The early conclusion to the season cost the club five home matches which would generate sales of around 5,000 tickets plus hospitality less the Police charges and running costs of 50,000 fans attending.
Unlike Celtic there was no further Scottish Cup ties to anticipate or commercial spin-offs but the global pandemic is highlighted throughout the BBC’s brief summary.
A loss of £15.9m isn’t investigated while £23.2m of funding before June 2022 is treated as routine with elderly stand-in chairman Douglas Park promising to supply the fuunds.
BBC Scotland reports:
Rangers have announced a £15.9m loss up to 30 June, an increase of £4.3m from the previous year, amid the “economic storm” of the Lockdown.
The Scottish Premiership club say they need £23.2m in fresh funding by the end of next season, but chairman Douglas Park and director John Bennett will provide loans to cover the shortfall.
Revenue rose 11% to £59m, with £20.7m for reaching the Europa League last 16. Park predicts the absence of fans will cost Rangers more than £10m this term.
By Christmas time last year Ibrox had hosted seven Europa League ties that almost all attracted sell-out crowds with the matches excluded from the season ticket. That gate money will be missing from the current campaign while Steven Gerrard has spent an additional £10m to bring Cedric Itten, Kemar Roofe and Ianis Hagi to the club with outgoing deals coming in at less than £1m.
On Friday, shortly after publication BBC Scotland provided in depth detail of Aberdeen’s accounts, the Dons turnover was equal to the losses at Ibrox!