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.
Rangers have submitted their end of fiscal year 2021 to auditors.
*Preliminary £31,682,536 in losses.
*Short term liability £16,533,348**.
*Long term liability £15,554,544.Technically insolvency if no soft loans and/or Closed Leasing loans.
**Includes HMRC https://t.co/VQEnyaTIpm
— Celtic SC©®™ (@Celtic67Fins72) October 5, 2021
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.