A further £1m of Ibrox loans has been converted into shares- further diluting the two other similar moves made since the start of the season.
With no sign of the club accounts to 30 June 2020 nothing definite can be read into the state of play at Ibrox but three separate conversions over the last three months suggest problems on board with the power and value of shareholders being diluted on a regular basis.
The last set of audit accounts covered the period to 30 June 2019 and predicted a £10m shortfall. Since that date Pip Helander and Ryan Kent have been added to the wage bill with around £10m committed in transfer fees which is likely to be spread over three years. With no crowds inside Ibrox since March 12 the £10m estimate is likely to have fallen short.
During the most recent transfer window a further £10m in transfer fees were committed on Kemar Roofe, Cedric Itten and Ianis Hagi with all three players due signing on fees and wages that are likely to reach a combined figure of £3m a year.
Last season the company raised significant funds from four glamour pre-season friendly, four Europa League qualifiers and three group matches. Those games were all excluded from the Season Ticket.
The constant debt to shares move can continue without any restriction. Scottish football has no form of Financial Fair Play with all clubs pinning their faith on the Old Firm brand to bring in commercial and broadcasting deals. At the moment the SPFL and Scottish Cup are without sponsors.
Another £1 million of confetti at the club that Charles built. Must have convinced someone they’re onto something? pic.twitter.com/NWTJwLpvbD
— David Low (@Heavidor) November 19, 2020
They just willing fools for the milking.
— David Low (@Heavidor) November 19, 2020
This is the 3rd time in about 6 weeks. Seems a little less than ideal to me.
— (ex)Lighting Monkey (@LightingMonkey) November 19, 2020
Yep cover the cost of #covid
— Celtic_bhoy_1888 (@1888_Celticbhoy) November 19, 2020
Surely @sfa will be starting to ask questions as the governing body for the game to ensure the game doesn’t face the same issue as happened when Rangers died. Maybe the heart is ruling the head and hoping for CL money otherwise the game will really be up for the 8 year old club
— James Lafferty (@weejamito) November 19, 2020
The last 5m came from Stuart Gibson in the far East , another 1m especially if it’s from passing the collecting tin round isn’t a great deal . Why only 1m ? It maybe more indicative the well is running dry.
— timtim (@timtimbelgium) November 19, 2020
There must be a point at which the Rangers stock becomes valueless. Or will that be dependant on Hector getting his share of the House.
— les herring (@lesherring3) November 19, 2020
Staggering given the fiscal records of both rangers ckubs/companies that no reporter will go near it
— central scrutinizer (@centralscrutin2) November 19, 2020
Staggering given the fiscal records of both rangers ckubs/companies that no reporter will go near it
— central scrutinizer (@centralscrutin2) November 19, 2020
Looks like there is plenty willing “investors” will to tide them over
— Quare Bhoy (@BelleHarbour88) November 19, 2020
Meanwhile @TEnglishSport pic.twitter.com/WhUijSyHHg
— STEV-E-B (@Browns88S) November 19, 2020
Take it this doesn’t come under financial fair play rules? If not then they’re sadly doing no wrong other than idiots throwing away their own money…
Just shows how much stopping 10 in a row means.
— Colin The Bruce (@cozzybruce1888) November 19, 2020