UEFA has put the club from Ibrox on their Watchlist for Financial Fair Play.
Since formation in 2012 by Charles Green the Tribute Act has been running up regular losses of £10m or more without anyone in Scottish football showing concern that they could go the same way as Third Lanark, Gretna and Airdrie.
Losses reached an incredible £23.5m for the year to 30 June 2021 but even allowing for the impact of Lockdown that was an incredible figure.
UEFA have introduced new criteria for monitoring FFP and are no longer prepared to accept self certification from friendly national associations like the SFA.
Now it seems that the refusal of Scottish clubs to operate FFP could be about to hit last season’s runners up in the Europa League.
Rangers the other British club on UEFA’s watchlist for FFP compliance – meaning they’ll be asked for additional financial information and will be monitored closely
for additional financial information and will be monitored closely
— Rob Harris (@RobHarris) September 2, 2022
That news probably goes a long way to explaining a spend of around £13m by Giovanni van Bronckhorst during the transfer window despite the alleged sums brought in from the sales of Nathan Patterson and Calvin Bassey as well as reaching the group stage of the Champions League.
Had the SFA complied with FFP Rangers would have had to repay an overdue bill to HMRC of £2.8m in 2011 to compete in UEFA competitions. Hoping that Champions League group stage money would repay bills proved to be a flawed strategy as Ally McCoist led his side to defeats from Malmo and Maribor.
With no UEFA money coming in the club decided to stop paying HMRC, after administration in February 2012 Her Majesty rejected a CVA in June 2012 putting the 139 year old club into liquidation.
Rob Harris is a reporter for Sky News.
CLICK HERE for full UEFA report.
Details from UEFA on the FFP compliance particularly of some English clubs https://t.co/7mTB0d9k3l pic.twitter.com/yo649HB86J
— Rob Harris (@RobHarris) September 2, 2022
Oh dear now just where are those pesky rabbits at the SFA when sevco need them in their hour of need.
Though I wouldn’t get carried away with this the Onion bears might just cause a stink that much with threats to the SFA they will cave in and help the new klub out.
About time UEFA cought up with these racist tramps.
Not a hope in hell their bretheren at the SFA would do anything about their dodgy dealings.
It’s like pickled onions. Why did nobody think of it before!
They should be asking the CORRUPT sfa WHY the referee’s in Scotland are CORRUPT.
Its about bloody time they got pulled about the financial chicanery at the Bigotdome. UEFA had to do what the SFA was to scared to do. Hell mend them.
Clicked on the link you gave Joe. It’s one hell of a read, but very interesting as well as informative. As it would appear Sevco are now tied down to the Wage/Turnover % which will explain the sudden lack of confetti floating around Ibrox. They’ve had a good run for their lack of money, but have now to tow the line. I can only imagine the amount of,’ drowning of sorrows’ in Hampden and Sevconia this evening.
In 2019 Uefa fined sevco for racists singing I’m still waiting on the sfa to apply the same rules ……..
If sevco have nothing to hide let Uefa read all financial findings since 2012 ……..
Will the Sfa do something ì don’t think so because the sevco have all the evidence that sfa are corrupt along with sevco.