Latest News

‘Rangers is toast financially’ ‘Bailiffs at the door stuff’ ‘Trading while insolvent?’ Former SPL chief sounds alarm bell over Ibrox accounts

Image for ‘Rangers is toast financially’ ‘Bailiffs at the door stuff’ ‘Trading while insolvent?’ Former SPL chief sounds alarm bell over Ibrox accounts

After five days of being forced fed a mythical operating profit of £252,000 the tide may be turning on the 2023 Ibrox Accounts.

Within an hour of the accounts being published every Mainstream outlet in Scotland was headlining the operating profit figure while completely ignoring the overall loss of £4.144m.

That figure was clear in the accounts, online Rangers Tax Case has had a couple of prolific days on the matter with the highly respected Swiss Ramble putting everything together this morning.

That report has attracted the attention of Roger Mitchell, the first ever SPL Chief Executive, the man who accepted the token contracts registered for Tore Andre Flo and Ronald de Boer as millions were poured into offshore accounts- out of reach of HMRC and the football authorities.

HMRC finally caught up with those deals, guilt was admitted generating The Wee Tax Case and a bill for £2.8m that was never paid. Or punished by the SPL over undeclared earnings.

Mitchell cashed in with bonus payments for securing broadcasting and sponsorship deals from players that Rangers couldn’t afford to pay on the same terms as every other club operated under.

Now back in Italy Mitchell keeps up with some media buddies like Graham Spiers and Jonny McFarlane, neither of whom would attempt to publish anything off message that might cause concern to Ibrox fans.

To anyone outside of the Gullible & Deluded the accounts are littered with red flags, the income of the last two seasons is unlikely to be matched while the wage bill expands with expectations of a January spending spree to satisfy the new manager.

Champions League bonuses are being reported as the cause of a £10m increase in wages but there would have been significant payments made for success through the group stage then five Europa League knock out rounds.

Selling Calvin Bassey and Joe Aribo wouldn’t have reduced the wage bill by much, however Rabbi Matondo and Ben Davies will be on Kemar Roofe style salaries after moving from Germany and England.

Turkish starlet Ridvan Yilmaz will be on a significant wage as will free agents Tom Lawrence and John Souttar.

In other circumstances Mitchell’s comments would be making headline news, on a Friday night they are likely to be ignored while Kenny Macintyre deletes Mitchell from his contact book.

Swiss Ramble concluded:

Despite the lower revenue, Rangers still invested more money in the squad, as the wage bill increased £9m (17%) from £55m to a new club record of £64m, while player amortisation rose £0.6m (5%) to £12.4m. In addition, they booked £0.5m player impairment.

Depreciation was also up £0.5m (26%) to £2.6m, while other expenses were flat at just under £29m.

Rangers £4.1m loss after tax is actually the worst financial result in Scotland over the last two years, though many clubs have not yet published their 2022/23 accounts. In stark contrast, Celtic posted a £33m profit.

As a rule, Scottish clubs run a tight ship, so everyone except Rangers and Celtic can be found in a narrow range between £2m profit and £2m loss, i.e. effectively break-even.

If we look at the results before tax, the difference is even larger, as Rangers’ £3.1m loss is £43.8m worse than Celtic’s £40.7m profit, which in fairness is a record for Scotland.

Videocelts Extension Button

Share this article

Online and independent- the only way to be. Enjoying instant news access and reaction, following the trends if not an influencer!


  • Phelim grehan says:

    Again I will say var is to be used to help the new club cheat its way to the title this season. If they don’t win and qualify for the champions league money guaranteed the new club will be in administration and be liquidated . It’s a fact parke ran away from them as soon as the Europa league money arrived and he and others got their loans back he hasn’t being heard of since .

  • Terence Nova says:

    There have been so many reasons over the years for both Clubs to have been shut down…yet the new one still survives.
    This mob has the ability to withstand stuff that ordinary mortals can’t understand…and I’ve no doubt that this will fall into that category.
    I would be shocked if they are put under the microscope.
    It’s amazing what “Brotherly Love ” can do.

  • John S says:

    There you have it. The Scottish ‘journos’/’typos’ are killing their naked emperor by extolling his fine set of clothes. De ja vu.

  • Clachnacuddin and the Hoops says:

    I can’t decide who I wanna kick the bucket first…

    Sevco or The Daily Record !

    What then ?

    ‘The’ Sevco or ‘The The’ Rangers or ‘The The Daily Record’ !

  • Scud Missile says:

    Remember our own club play their part in this by not calling the new klub out,,they need the new klub to survive to keep money coming into Celtic,that’s why our club are constantly on SPONSORED SILENCE whenever sevco need to be called out or challenged on anything.

    • Duncan says:

      Lawwell already admitted that Liquidation and the loss of the OF Duopoly put a £10m hole in our own finances.
      Hence why they opted to change tact and go with a buy to sell Policy in the transfer market at Celtic from the Summer of 2013 onwards.
      Here’s the rub though…
      We know have that £10m hole filled again due to the 5 Way Knuckleshuffle and our Board are happily continuing to operate in the market despite the evident negative impact it has had in Europe for us.
      Greedy,greedy bar stewards all round.

      Editor: Lawwell being unable to find a way past sides like Cluj, Ferencvaros, Malmo, Maribor and AEK Athens regularly cost us £20m and the rest, didn’t impact on executive pay however.

      • Duncan says:

        Indeed ,not only did it not impact his pay in particular they actually voted to scrap his Half Bonus Half Wage setup to a full wage of just under £1m PLUS a Champions League Bonus on top should we qualify for 2 Champions League Group Stages in a 5 year period which in 2018 seen him receive a wage of over £3m for the year.
        I think this made him one of if not the highest paid CEO in U.K. Football.
        Which is quite ridiculous given the money down south.

  • Duncan says:

    They’ve also had 7 separate Share Issues since Nov 21 which has offset the actual losses by around a further £7m which of course would have increased the overall losses over both periods by that amount.
    Not a single peep from the Scottish Football Authorities.

    Same Sheidt different flies.

Comments are closed.