Date: 19th November 2020 at 4:50pm
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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.