The club from Ibrox picked up a Scottish Government loan for £3.2m to help see them through the season just finished.
What checks were put in place for public funding is unclear but loaning an eight year old company £3.2m when they managed to post a loss of £15.9m on turnover of £59m looks questionable at best.
Last season the Ibrox club were able to spend £10m buying players from Belgium and Switzerland with their accounts also disclosing delayed payments to HMRC in line with the UK policy designed to support business.
A loan fund of £20m was made available through the SFA/SPFL which would work out at £1.6m per club. It looks as if one club declined that offer with their share given in full to a competitor club.
So Rangers have a £3.2m loan from the Scottish Govt, repayable over 20 years ?
That the same government that is anti Rangers ? pic.twitter.com/RmxcCfRtFz
— cardiffbhoy (@stephenrcardiff) June 14, 2021
On January 28, BBC Scotland reported:
The Scottish Football Association is close to agreeing a deal with the Scottish government that will give Premiership clubs access to interest-free loans of around £1.6m.
The borrowed money would be repayable over a period of up to 20 years with no repayment due until 2022 at the earliest.
A £20m package to support top-flight clubs was announced on 10 December. Details of any securities clubs will use to secure the loans remain unclear. However, once applications are made, the funds could be in bank accounts in a matter of weeks.
and still SFA stand back and admire,financial doping the whole of Scottish football
— Bigbthesoulman (@bigbthesoulman) June 15, 2021
Also they have been selling Confetti shares every 3 weeks since taking that loan out plus they would have been paid by UEFA for last Season and the SFA for winning the league! So looks like the SFA are covering up how much debt they are really in yet again!
— D Mcguire (@DMcGCfc1888) June 14, 2021
Will read later but Scotgov should be made aware that you don’t need to pay your debts if you are a Rangers*.
That’s the Rangers* tradition.— iki (@tomamca) June 14, 2021
The country can’t take the risk of this mob still being in business in 20yrs!!
— Patrick S Murphy (@PatrickSMurphy4) June 14, 2021
What the Government loaning money to a company that is currently running Insolvent with no security or interest
This is our money FFS ??
— John Mccor (@jmcc404) June 14, 2021
