The Sun has followed The Herard by flagging up the cash crisis at Ibrox.
On November 5 the accounts for the year to 30 June 2021 were published with most media outlets happy to blame the pandemic for catastrophic losses with a ‘player trading model’ required to solve the issues.
Since the £1.75m sale of Josh Windass in 2018 only token fees have been picked up as Ross Wilson gets folk like Greg Docherty, Young McCrorie and Jamie Murphy off the wage bill.
A month before his escape to Aston Villa Steven Gerrard flagged up his unhappiness at the club being unable to spend a net £10m a year as he had enjoyed previously.
Losses of £23.5m on turnover of £47.7m are red flag material in any industry, it seems like the Scottish media are getting wind of how bleak things will be at Ibrox over the winter months.
Rangers finance ‘going concern’ raised by auditors as losses since Dave King takeover total £80millionhttps://t.co/DKlvNeds2F pic.twitter.com/O3YK1QzaRu
— Scottish Sun Sport (@scotsunsport) November 14, 2021
The facility is not a bank, but from 3 RFC investors.
Of interest is Bennett has joined King in no longer wanting shares. He loaned £5.5m that was repaid.
Maybe this is why RFC wanted more STM upfront. Only £7.2m remains receivable v £14.9m last year. Need to pay Bennett. pic.twitter.com/AMZDGS5LyC
— GrandOLTeam (@JBLuvsCeltic) November 6, 2021
The most critical detail in the accounts was Dave King having his loan repaid with interest. Current directors have taken out loans bearing interest to the club, almost certainly they’ll have taken some form of security against the risk.
Losing Steven Gerrard and his coaching team could take around £350,000 off the monthly wage bill but with Kemar Roofe and John Lundstram draining a similar amount it will take some big sales in January and a reduction in the wage bill to prevent Douglas Park from having to pledge even more in loans.
Surely it’s time to put the rangers down, for good!
An absolute shambles of a klub, for the good of Scottish football, cut the head off that disgusting, rotten, poisonous snakey klub and say day day wangers…fking skum!
Imagine no more riots, destroying city centres both home and abroad, covered in that most popular union joke clobber, no more racist/fascist salutes and chants to match!!
One day……
you have got to query this king takeover nonsense. this is the man who sent the original ibrox club tumbling like a pack of cards to the grave.
It will end in tears just like rangers number 1.
There was an air of inevitability to all of this, no club can post these losses year on year and sustain a business model like that. The thing is though when they’re liquidated again, and it’s definitely going to happen, they get to stiff all the people they owe money to again. Something has to be done to prevent them doing it a third time, if the SFA, who are complicit in all this, do nothing then UEFA and FIFA have to do something about the blatant corruption in our game. The problem here though is that both these organisations are corrupt as well so I wouldn’t hold my breath there either. Will our club remain compliant and meek believing as they do in the old firm brand? I very much doubt it but this is a decision that affects every team in Scotland and the 40 Scottish chairmen need to insist on reform of the SFA and SPFL or the game will remain corrupt. We’re allowing one club to rob the rest of the football clubs and supporters of a fair playing field. If nothing changes then what’s to stop them starting another new club and doing it all again. The Celtic agm should be questioning the board about what their intentions are regarding this club getting away with murder. They’ve got to push for FFP they’ve got to insist on it. It’s an absolute joke that we sit back meekly and watch while one club rides roughshod over the rest of the game. I for one am sick of it they’re a horrible club with an even more horrible support. It’s time to take out the trash once and for all.
Breaking News: Captain Gerrard and his “Loyal Crew” are reported to having abandoned HMRC Aye Broacks they have been torpedoed by a South African Pirate and all their assets have slid deep into troubled waters.
3rd club on its wae not unless the corrupt sfa.spfl help them stay ranjurs Scottish football is fucked up now hampden is a riot with the scum mason that run it dirty rats and cheats.
If they have paid King back his loan do they not need to pay us tax payers ba the government loan of £3,000,000 that they got for Covid. Celtic refused to take a loan.
So pay up and do the honest thing. If that is possible from these cheats
DIE SCUM DIE!!