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Very concerning- Michael Stewart on the Ibrox cash crisis

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The day of reckoning could be fast approaching at Ibrox following the Champions League exit to Malmo.

Whether it is £30m or £40m or something inbetween the aggregate defeat is a crushing blow to the directors who staked everything on Steven Gerrard getting it right on the park.

In their last published accounts, to 30 June 2020 the Ibrox club announced an increased loss of £15.9m despite increased turnover of £59m.

The absence of fans last season cost the club eight lucrative home European fixtures, no players were sold for more than washers while £10m was spent adding Cedric Itten, Ianis Hagi and Kemar Roofe to the wage bill.

On basic calculations the year to 30 June 2021 will have resulted in at least a £25m loss.

Earlier this year the Scottish Government came to the rescue with a £3.2m 20 year interest free loan. Former chairman Dave King is due to be repaid a £5m loan by the end of October, if that loan is repaid the Scottish Government loan becomes payable.

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