BBC Scotland are desperately spinning the financial miracle of Ibrox.
Tuesday’s AGM allowed shareholders an hour to question the club hierarchy about multiple failings with Ross Wilson followed by Stewart Robertson the main targets for anger.
During the AGM chairman Douglas Park gave the game away when he admitted that the contract demands of Ryan Kent and Alfredo Morelos are unattainable but BBC Scotland side stepped that news.
It seems that a plan that has yet to be financed to improve disabled facilities is the main issue for the state broadcaster from the AGM even though there will be a clamour for funds to be made available to Micky Beale.
While Kent and Morelos run down their contract five other first team players can quit the club in May while the loan deals for James Sands and Malik Tillman expire.
Despite those issues, after the proposed new disabled section, BBC Scotland leads with:
The club made an operating profit of £5.9m in the year to June 2022 and finance director Kenny Barclay pointed to a three-fold increase in revenue in the past financial year compared to Rangers’ first on their return to the top tier in 2017. That revenue of £87m produced an operating profit of £5.9m, the club’s first in five years.
Relating to player sales, principally that of Nathan Patterson to Everton for £11.5m, Barclay stated it was the first in 10 years “where we’ve able to deliver a material impact to our total income from our player trading revenue”.
Further, in what he described as a “massive step forward in terms of our financial performance”, Barclay said auditors were satisfied for the first time in 10 years that Rangers could access the finance it requires to meet day-to-day bills.
The bills can be pain thanks to a £10m loan from vice-chairman John Bennett with a 5% rate of interest applied giving Bennet £500,000 per year on the loan.
The club made a loss of £900,000 on record turnover, another issue that BBC Scotland doesn’t want to coverr.
No name has been put against the report on the BBC Scotland website.
Scouse bhoy says:
December 8, 2022 at 9:12 am
Exiled in Ard Mhaca says:
December 8, 2022 at 10:04 am
Scud Missile says:
December 8, 2022 at 12:26 pm
John Copeland says:
December 8, 2022 at 3:19 pm
John S says:
December 8, 2022 at 3:56 pm
Voice of Reason says:
December 8, 2022 at 4:01 pm
It was 2016 the new club first played in the top tier. It is impossible to return to a place that you have never been before. Scotlands sevco media shame .
BBC(BLUENOSE BROADCASTING CABAL) SEVCO always finding good news stories for the Deludemol addicted Bluenose hordes to take on board as the truth and nothing but the truth. As I have said here before defund the BBC immediately if not sooner.
BENNY McKintyre the man with no name.
If the Rangers finances are in such rude health ,why do they need a loan/overdraft facility to the tune of £23 million ? You don’t have to be an accountant’s apprentice to know that serious porkies have been told and need to be scrutinized ! When the old excrement hits the fan ,it really does make a terrible mess …. Is the moon made of cheese …..?
I wonder if Everton have any more spare cash to keep the Huns running.
Net Profit is the bottom line not Gross Profit!! Doubt any ae these CLOWNS have an Arithmetic ‘O’ Level C pass.. Thick as Fuk!! Keep spinning the same auld Financial PISH while the FILTH are propped up by Directors Loans!! Kent & El Truffalo will go fur NUTHING, that’s Zero..
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