The club from Ibrox have converted a £70,000 loan into shares!
It is the latest in an incredible run of conversions where lenders put money in and are repaid in shares that are diluted five or six times a year, sometimes more.
The news emerges as the club attempts to raise money from a firm called Tifosy who are attempting to raise £6.5m from Bears willing to chuck away £500 soon after shelling out for Season Tickets and renewing their MyGers memberships.
Another £70,000 of confetti. That’s equivalent to 1,400 of Celtic’s £50 vouchers ???. pic.twitter.com/ysYVBPzqhM
— David Low (@Heavidor) June 4, 2021
The exact details of the Tifosy offer seems unclear. There seems to be no logical reason for getting a third party to take a slice of commission from supporters.
In their last published accounts, for the year to 30 June 2020, the Ibrox club posted a loss of £15.9m despite increasing turnover by 11% to £59m.
During the current financial year the club has signed three players for a combined fee of around £10m with no gate money from nine Europa Cup matches and four glamour friendlies.