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The Douglas Park investment mystery

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The AGM of The Rangers International Football Club failed to shed much light on who is in charge of things or where the money underwriting losses is coming from.

Losses of £23.5m last year on turnover of £47.7m barely seemed to raise an eyebrow even though there is again a ‘going concern’ warning in the Auditors report.

Shares are constantly issued in exchange for loans, on Friday 14m shares were issued in return for £3.5m. That transaction was dated 23/11/2021. Yesterday Companies House was informed of a transaction on 8/11/2021 which saw 400,000 shares issued in return for £100,000.

And so it continues. During the 20/21 financial year 11 allocations of shares were issued, each time diluting further the value of those previously issued. Yesterday’s announcement was the fourth time this season (21/22), it would be a major surprise if there were no more before next July.

As long as there is a stream of investors prepared to hand over cash in exchange for shares which are quickly diluted the company is in no danger.

With no sign of money coming in from transfer fees the club is as far from breakeven as ever- while all around them competitors sell players to balance the books and invest in fresh signings.

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  • Kyogos Dream Team says:

    Who the Fuk is STUPID ENUF TAE BUY THIS BOG ROLL?? Answer… The Knuckodraggin HUN FILTH WHAHAHAHAHA!!!

  • Brian says:

    It’s not that they don’t have to sell, it’s more that they are hell bent on winning the league this year as that is a probable £40 million that will go a huge way to survival. Over to you Celtic board, but I don’t expect anything from you. The blue pound is all that matters.

  • John Fagan says:

    They bet everything before on winning in Europe. Hopefully it will be the same result and this time the zombies will stay dead.

  • Tommy McQuillan says:

    Surely the authorities of the game have to take a look at how this club are keeping the lights on. There’s share issue after share issue, their shares must be worthless by now. It begs the question who is funding this shitshow?

    Surely anyone investing is just throwing their money away. How are they still a going concern? They’ve made a loss in every year of their existence and that’s unsustainable and the sooner Financial Fair Play comes in up here the better.

    Has anyone ever thought that Celtic’s board could be buying some of these shares, I wouldn’t put it past them as they still think we need the “old firm” brand. This club is shitting all over the rest of Scottish football facilitated by the SFA and SPFL and I can’t believe the other clubs aren’t calling for an inquiry into their financial irregularities, in my opinion it’s long overdue because there’s nothing to stop them being liquidated again and starting from scratch without paying off their debts, again, and this time they wouldn’t have to start from the bottom as the authorities soon amended that rule when the original Rangers died in 2012.

    It’s an absolute disgrace that nobody has the balls to stand up to this club as they’re taking the piss and being allowed to get away with it when it’s inevitable they’re going to be liquidated again. Even if they get the £40million from Champions League qualification they’re still in a financial black hole.

    I’m sick of it and every football supporter should be as well.

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