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Report claims Ibrox losses have doubled to £31.7m!

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Image for Report claims Ibrox losses have doubled to £31.7m!

An account on Twitter has claimed that Sevco have submitted accounts to their auditors showing losses of £31.7m for the year to June 2021.

That figure works out at more than £2.5m per month but almost all Ibrox fans will consider it money well spent with Celtic denied a 10th successive SPFL title.

In their last published accounts, to the year to June 2020, losses of £15.9m were recorded on turnover of £59m covering three months of the pandemic.

With no fans officially inside Ibrox last season the club missed out on the ticket and hospitality money from eight Europa League matches and four glamour friendlies.

Steven Gerrard committed to £10m in new signings with Kemar Roofe, Ianis Hagi and Cedric Itten picking up signing on fees and bumper contracts, there are claims that Roofe is picking up over £40,000 a week on his three year deal.

With bonus money paid out for winning the title and reaching the last 16 of the Europa League costs will have spiralled. Allan McGregor, James Tavernier and Steve Davis all signed new contracts.

As long as someone somewhere is prepared to pour money into the club in return for worthless shares there is no danger to their existence although the auditor is likely to put in a Going Concern warning.

In June the club launched a share issue for fans but it was undersubscribed with just £4.5m raised before costs.

While Sheffield Wednesday and other English Football League clubs have had points deducted for failing to meet Financial Fair Play rules the only powers that the SPFL has is if wages go unpaid.

On the plus side Andy Halliday is no longer on the pay-roll.

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9 comments

  • Peter cassidy says:

    Going by the horrible 18 months the uk is still going thru at the moment the bigots accounts seem not to bad so the backers will need to cough up more dosh to keep them going any other company would be wound up by now.the long term liabilities around £16 million does that include Ashley King and any outstanding court cases scottish loan recently,i was told a large hmrc vat paye is now due to be paid and the final accounts for the new build is still outstanding but everything in the blue garden is rosy looking at the whole set up at the bigot dome these backers need their heads look at and the sfa should be looking at how this insolvent club is being run and all clubs should asking how this is being allowed but then again this is the sfa

  • Ron1 says:

    Nae bother Peter the accountant with inside knowledge & links to the books at Ibrox. You will need to explain how the club currently at the top of the league and miles ahead of any other Glasgow club is insolvent. Honestly you lot are some laugh

    • Seppington says:

      Well you lot are a shower of knuckle-scraping racists who let their old club die because they laughed when us Tims told them the unvarnished non-succulised truth about the oldco’s finances. By all means keep laughing, all the way til 2.0 is also in the grave, we won’t interrupt you at all…

    • Kyogos Dream Team says:

      No as much a laff as ur lot claiming ‘Gon fur 55’ when u took 5 yrs tae come up then we won 4 back tae back TREBLES lol! Propped up by ‘Soft Loans’ & were it NOT FUR THIS STINKING WEE COUNTRY wdve DIED A LONG TIME AGO!! No FPP is ur Saviour, not tae mention the SFA!! SCUM PROTECTING SCUM!!

      • Kyogos Dream Team says:

        In the 1st olace lol! Ur pub team SCRAPED by Dundee 1-0 whereas we PUMPED them by 6 & it took an ex FILTH player passing the baw back tae gie uze the win lol! As a Chartered Accountant using txt language I can assure u NUMPTY I have MARE BRAINS in ma Big Toe than any FILTH KNUCKODRAGGIN SCUM!!

    • Peter cassidy says:

      Hi Ron how a company/ club only formed 2012 and since then every year still making massive losses also they started with a clean sheet after liquidation or was that the club or company and if true the new accounts showing £30 plus million losses absolute madness in a business sense your directors will need very deep pockets again,regarding the rangers top of the leauge getting plenty of help from our honest refs but still long way to go before silverware given out

  • Brian says:

    I’m not so sure. Our club anc board of directors has saved them once why not again. As for Ashley money they lost that case months ago and we still don’t know how much they owe him.

  • John S says:

    Financial Fair Play rules need to be enacted by the SFA/SPFL. SFA appointments are made on a similar basis as referee appointments. Particular ‘qualifications’ are, of course, needed as standard by any successful candidate.

  • Allan says:

    The fix is in….explains refs performance so far…40mill champ lge money would wipe that debt out….gonna be armageddon over there when we win the title this year…we got few to come back others to bed in ..their arse will drop in Jan when we kick on …the titles coming back bhoys

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