The cost of winning one title at Ibrox is now standing at £32m in acknowledged loans and debts.
Since appointing Steven Gerrard as manager in 2018 incredible sums have been thrown into the transfer market to bring in players. Last summer £10m was spent on fees to sign Cedric Itten, Ianis Hagi and Kemar Roofe with three significant additions to the wage bill.
Less than £3m has been raised from transfer fees with only the £1.75m from Wigan for Josh Windass being of note.
The Ibrox club are currently trying to raise £6.75m through Tifosy Capital, the issue came out two weeks after Season Ticket renewals when football finances should be at their strongest.
In the year to 30 June 2020 the Ibrox club announced losses of £15.9m despite increased turnover up to £59m. Fortunately there are no Financial Fair Play regulations in Scottish football with no member clubs interested in creating a level playing field.
The most pressing of the debts is the £5m owed to former chairman Dave King with the money due by the end of October.
Porto have been the first club linked with Alfredo Morelos in the annual transfer window circus.
Liabilities:
£16.8m in loans.
£9.4m HMRC arrears
£1.6m agent fees
£4.2m players fee
£32,000,000. in total liabilities.Currently, three loans to Close Leasing (Brothers) are in default. ? pic.twitter.com/DMy2iMOb8Q
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