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.