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Ibrox chief Robertson tells fans the club is poised to go into profit

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Image for Ibrox chief Robertson tells fans the club is poised to go into profit

Stewart Robertson has told a select group of Sevco fans that the club will be in profit next year.

If the club’s Managing Director is true to his word it will mark one of the greatest turnarounds in football history for the club that has posted increasing losses since formation by Charles Green in 2012.

In their last published accounts, to the year 30 June 2020 the company announced loses of £15.9m on a turnover of £59m. Accounts for the 20/21 season have still to be posted but are expected to be in the region of £30m which would represent a monthly loss of around £2.5m.

Increasing revenue and decreasing expenditure is the obvious route to sustainability but with Kemar Roofe and John Lundstrum signings contracts in the region of £40,000 per week there hasn’t been any suggestion of the club spending less despite the whinging of Steven Gerrard.

On-message Ibrox website Follow Follow reports:

MEETING WITH RFC DIRECTORS

After the Club 1872 we went to a meeting with Chief Executive Stewart Robertson, Ross Wilson from the football department and James Bisgrove from Commercial for a lively, but truncated because of the time, presentation and discussion.

As noted above, Robertson stated simply that because of their behaviour the club didn’t currently had a relationship with Club 1872.  On the other hand he expected the club to move into profit next year and the opening of the new Edmiston Club to put the seal on our 150 celebrations.

A recent share issue aimed at bringing in £6.5m only raised £4.5m from supporters before costs are deducted.

This month Dave King is due to have a £5m loan repaid which in turn would require the club to repay a £3.2m interest free loan from the Scottish Government from earlier this year.

Sports Direct have still to get a decision on the level of compensation due following breaches of contract over the kit deal with Hummel/Elite Sport in the summer of 2019.

In 2017 the Ibrox club paid Sports Direct £3m to negotiate a new deal that retained matching rights to future contracts with Mike Ashley’s firm.

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5 comments

  • Derek Duncan says:

    Sevco 2012 filth are comedy gold,more lies from the scum .

  • Dora says:

    They’ve rattled those funny money trees to death so profit is not the word that springs to mind!!
    As a new klub, that’s impossible so wangers aka sevco footy klub…good luck with that one for a klub who owe a fking fortune since they arose from the deid…what a klub!

  • Dora says:

    So sevco actually do humour…another impossibility!

  • Donald says:

    This has been my biggest bug bear, how can the 2nd generation report losses of £15.9 million last year and nothing is said. This is the 2nd generation of an insolvent company but all is great.

    As a Celtic fan it is glaringly obvious that this will be allowed to continue until the 3rd generation. The figures when they are released will make interesting reading. They bought titles before that they couldn’t afford and they done the same last season, disgrace.

    I maintain that if the ginger whinger had been sacked after Ferencvaros last year, we would have achieved 10 and the 2nd generation would have went bust.
    We are fortunate that we have press who don’t care or can’t be bothered to research facts.

    When will this end?

  • Derek Duncan says:

    How can the so called same klub go into profit already owing £140m ,there are as thick as the brown stuff !!!!!

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