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Douglas Park reveals that Rangers International need £7.5m by the end of December 2021

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Image for Douglas Park reveals that Rangers International need £7.5m by the end of December 2021

The Rangers International Football Club, formerly Sevco 5088, require £7.5m of funding before the end of 2021.

This morning the company published their report for the year to 30 June 2021 which revealed losses of £23.5m with income down to £47.7m despite their much hyped Castore kit deal.

A succession of mystery investors had their loans converted to shares of dubious value last season but further funding is urgently required.

Running costs for this season will be similar to last year with the addition of matchday income plus five lucrative European ties before Christmas.

Although pie sales and hospitality add up to a tidy sum they also come with costs whereas last season there were virtually no costs involved with no fans inside the stadium

Explaining the short term funding issue which could relate to money due on transfer fees, on page 17 of their annual report Douglas Park announced:

At the time of preparation, the forecast identified that the Group would require £7.5m by way of debt or equity funding by the end of season 2021/22 in order to meet its liabilities as they fall due with further funding of £0.4m required by the end of season 2022/23. The first tranche of funding is required from investors before the end of December 2021. However, the final amount required is dependent on future football performance, European football participation and player trading amongst other factors

In four transfer windows at the club Ross Wilson has brought in around £500,000 in transfer fees from Greg Docherty and Young McCrorie. Roma are reported to be preparing a £17m bid for Ianis Hagi but that can’t be completed till January with payments likely to be over two or three years.

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0 comments

  • Michael Vaslot says:

    Why are the SFA letting them get away with it and doing nothing

    EDITOR: Because EVERY club is in awe of the dazzling blue pound, one club more than any other #oldfirm

  • Delbhoy says:

    Any mention of monies still owed to Sports Direct Dave King HMRC?etc etc etc

  • John S says:

    It is absolutely crucial that the funding for clubs is open and transparent in order to avoid an influx of ‘dirty money’.

  • BhilltheTim says:

    Point of order, Mr Speaker. Sevco 5088 was the company Craig Whyte set up to receive the remains of the old clumpany. Instead, they went to Charlie Green’s Sevco Scotland when he pulled a switcheroo and dumped Mr Whyte on his @rse.

    EDITOR: The tribute act started life as Sevco 5088, quickly switched to Sevco Scotland then to The The The Rangers International PLC or whatever.

  • Derek Duncan says:

    Oh dear Sevco , oldco’s grave is open for you hahahaha

  • harold shand says:

    Been a busy day for the Daily Record today

    Trying to play down £23.5m losses

    Trying to blame Brondby fans for trouble

    Trying to find a positive angle on a 1-1 draw against absolute p*sh when they as good as thought they had a win in the bag before the game

    Trying to find a negative angle on a Europe away way for Celtic

  • Peter Cassidy says:

    What about the outstanding court cases and Mr Ashley and the new building just finished contractors not fully been paid up and deferred tax payments and loan from scottish government they will need cl money just to pay this lot but that great rangers man loved by bigot fans Mr king 16% interest on his loan boy does he love that club I also see they now have a new bank I think its based in Nigeria some prince owns it.

    • Kyogos Dream Team says:

      Aye its Prince Kristina Boydchunko WHAHAHAHAHA!! FUKIN Laundering cash, that is a Fukin CERTAINTY!!

  • Kyogos Dream Team says:

    17M fur Wee Cludgie, is that Fukin Yen? WHAHAHAHAHA!!

  • John says:

    I’m fairly sure they started out as Sevco Scotland not Sevco 5088

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