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The Sun publishes the eye-watering losses at Ibrox

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Image for The Sun publishes the eye-watering losses at Ibrox

The Sun has told its readers that losses at Ibrox have reached £82m since 2012.

A few pennies seemed to have dropped since the final whistle against Malmo with the anticipated £40m income boost from the Champions League evaporating into the night air.

Supporters have been fed the Continuity Lie and the romance of the journey while directors emptied their piggy banks and identified mystery investors to put a competitive team on the park.

That has come at a cost, since Steven Gerrard took charge the only worthwhile fee brought in was the £1.7m from Wigan for Josh Windass. Transfer guru Ross Wilson has had four transfer windows to raise funds but has brought in just over £400,000 from the sale of Greg Docherty and Young McCrorie.

In a depressed market Wilson has less than three weeks to shift players while Steven Gerrard bleats for fresh funds to revive his flagging squad.

Covering the bleak finances, The Sun reports:

The club posted a £15.9m loss in December 2020 and insisted they needed £23m by the end of this current season, which would be covered by loans from chairman Douglas Park and director John Bennett.

The combined operating losses racked up by the club since the summer of 2012 is an eye-watering £82.14million.

The pressure to sell on key assets has rarely been greater although the Ibrox side must attempt to maximise their return on star players if they choose to bite the bullet on them now.

Here’s what Robertson told shareholders last December about the need to generate more money from transfers:

“We have to really focus on that over the next 12 months. We know for the business model of the club we need to start moving one or two players a year.

“It won’t be a big turnover in the squad but that is something we need to do and something we’re really focused on for the summer.”

The losses for the year to June 2021 are expected to be in the region of £25m. Dave King has a £5m loan that is due for repayment by the end of October, if he is repaid the club has to repay the Scottish Government the £3.2m interest free loan that they received earlier this year.

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