What the papers don’t say about ‘trusted Ibrox cash boost formula’
Soccer Football - Scottish Premiership - Rangers vs Celtic - Ibrox, Glasgow, Scotland, Britain - January 2, 2023 Celtic CEO Michael Nicholson, former Celtic CEO Peter Lawwell, Rangers chairman Douglas Park and Rangers honorary Life President John Greig pay their respects during a service on the anniversary of the 1971 Ibrox disaster in which 66 people died, outside the stadium before the match Action Images via Reuters/Lee Smith
It was the most straightforward of announcements, straight from Companies House.
After 18 months of record income Rangers International Football Club had issued new shares to a number of investors in return for the unusual sum of £1.93m. It sounded like they had asked them to throw in whatever they could.
Everyone in and around football knows that the financial year is front-loaded to use a phrase that Craig Whyte favoured when discussing investment plans.
Season Ticket money pours in during the summer, perhaps some transfer fees plus UEFA income and gate money from European matches.
That is the guarantees, what you budget on and you retain enough to see you through the second half of the season through to Season Ticket renewals.
Rangers issue over 7 million new shares as Ibrox club return to trusted cash boost formathttps://t.co/pX11pYdupK pic.twitter.com/1FDKTxNKbo
— Daily Record Sport (@Record_Sport) April 3, 2023
Having to further dilute their shares to keep the lights on in the same season as selling players for over £30m and earning mega dosh whilst being the worst ever Champions League team.
What happens when they have no big sales this summer or don’t qualify for the CL next season? pic.twitter.com/mhzG72zdGP
— RhebelRhebel (@RhebelRhebel) April 3, 2023
Rangers issue millions of new shares ahead of club’s accounts releasehttps://t.co/UqmEGDsM8b
— Scottish Sun Sport (@scotsunsport) April 3, 2023
On January 31 there was a warning when shares were issued, presumably to make up for the fact that there wasn’t a Nathan Patterson deal in January.
Last year there were four Europa League ties to make ends meet but yesterday it was announced that a further £1.93m was needed to meet the end of March payroll.
In the real world that would cause concern, clearly the budget projections boosted by a Champions League campaign and fees for Joe Aribo and Calvin Bassey didn’t meet the demands of the second half of the season, perhaps the consequences of signing Todd Cantwell and Nico Raskin.
Season Ticket renewals are due out soon- a club enjoying a successful season can expect a rush of renewals, the events of Saturday at Celtic Park won’t just be felt on the park as Stewart Robertson tries to make ends meet.
CLICK HERE for Companies House announcements.