£11.9m loss- Rangers Tax Case sets the Record straight on the Ibrox ‘operating profit’

Rangers Tax Case has provided the service that the Mainstream is afraid of by reporting a £11.9m loss in the Ibrox accounts for the year to 30 June 2023.

That is the 12 month period that includes the transfers of Calvin Bassey and Joe Aribo and their first ever Champions League campaign which put the club into the record books.

Rather than examine the accounts it seems that publishers such as the Daily Record and BBC Scotland were pointed towards an operating profit of £252,000 to give the bears some comfort.

As ever within the lengthy document there was a lot of detail with loans from existing directors/investors propping things up to provide the media with their £252,000 figure.

An increase in operating costs of £10m is widely reported which is being put down to Champions League bonuses and increases in wages.

James Tavernier and Connor Goldson were given new contracts while the Giovanni van Bronckhorst Revolution added Ridvan Yilmaz, Ben Davies and Rabbi Matondo to the wage bill. Todd Cantwell and Nico Raskin were added for low transfer fees but with wages on a par with John Lundstram and Kemar Roofe.

For the avoidance of doubt, RIFC/Sevco spent £11.9m more last season than they took in.

That is the only financial statement you need to know.

Then, after 01-July, they spent a further £13.1m on new players and getting rid of Beale.
£25m gone. pic.twitter.com/hHDo6MlnYD

— Rangers Tax-Case (@rangerstaxcase) November 13, 2023

The mainstream has the Philippe (Proper Manager) Clement Revolution to drool over and the increased squad strength (costs in terms of Accounts) but bubbling away are some very serious issues.

A note in the accounts highlights that summer transfer trading and Micky Beale’s pay off cost £13.1m. It looks like Clement will need to drive this squad to the Europa League final to keep this years losses at around £10m.

‘Investors’ used to accept worthless shares but are now giving the club secured loans, if any of them start to get nervous and refuse further loans meeting that monthly wage bill is going to become near impossible.

Sam Lammers, Cyriel Dessers, Kieran Dowell, Jose Cifuentes and Dujo Sterling have all been secured on long term contracts, as has Clement who is looking forward to his January war-chest.

Chasing Celtic through disguised remuneration to bring in players that they couldn’t afford killed off the old club while the Daily Record celebrated with a billionaire from Motherwell. The Tribute Act is being watched closely by HMRC to ensure that they are getting their cut, playing by the rules is costing the Directors millions in loans to keep the lights on while the media celebrates their sustainability!

A similar path to 2012 is being followed, it seems only a matter of time before the cry goes up that ‘ah but naebdy tellt us’ as fans of every other club update The Banter Years.

Scottish football blew a golden opportunity to remake the game in 2012.

Instead, they hurriedly tried to recreate Rangers- complete with the root cause conditions that led to their failure in the first place.

— Rangers Tax-Case (@rangerstaxcase) November 13, 2023

BREAKING! Rangers reveal revenue and cash drops but costs go up amid record breaking commercial successhttps://t.co/nNtSmcyFKf pic.twitter.com/N6bjlrODLA

— Daily Record Sport (@Record_Sport) November 13, 2023

7 key Rangers takeaways from accounts as John Bennett teases director of football timeline and player sales in focushttps://t.co/6Rx20f8GVL pic.twitter.com/ykPWilQjKk

— Daily Record Sport (@Record_Sport) November 13, 2023

So many tried to warn them.
They didn’t believe us. https://t.co/Rs5wouPwF9

— Rangers Tax-Case (@rangerstaxcase) November 6, 2023