Since the start of the financial year, July 1, the Ibrox Tribute Act has spent £13.1m on players and paying off Micky Beale and his coaching staff.
Seven players were added to the first team squad plus Abdallah Sima coming in on loan.
Jack Butland, Keiran Dowell and Dujon Sterling were signed as free agents with accompanying signing on fees and deals with agents before the end of last year with Sam Lammers costing a £3.5m fee from Atalanta.
The accounts for the current year will include Danilo, Cyriel Dessers and Jose Cifuentes who all cost fees, ironically the guy that recruited them has been sacked and paid off.
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
Fashio Sakala, Antonio Colak and Glen Kamara have been sold leaving very little back at Ibrox of any value.
One feature of last year’s accounts that is getting little attention is a £10m increase in costs relating to wages and Champions League bonuses.
Coming from Germany and England Rabbi Matondo and Ben Davies weren’t going to take wage cuts. The agent for Ridvan Yilmaz will have known the market rate inside the Ibrox dressing room while Tom Lawrence and John Souttar will be on wages that reflect the fact that no transfer fee was required to bring them to Ibrox.
With all of those dire figures in the official books and the public domain , the daily Record decided to phrase the story as ‘ a profit two years running !’ 3 different scoops glossing over the horrendous figures and work practices ….loyal and steadfast !
It really is quite incredible.
With any ‘normal’ business, the owners would have pulled the plug,
and voluntarily, long before now.
Yet, somehow, the funding is always sourced – just to keep
rackng up even more losses!
Definitely another story behind all this…
Possibly creative accountancy could see a good few million filter it’s way to them from the £1 BILLION of taxpayers money that The Tories chucked at The DUP…
All I can say is –
Thank Fcuk I’ve not paid tax since1997 !
Where are they getting the money from for these loans? Is it too high level (the establishment) to be probed?
Within an hour of these accounts being released , every major news and sports media outlet had done the feel good spin on them
Incredible stuff
Sadly unsurprising Harold…
I’m just glad that I don’t fund them one red cent –
Some really good news though…
Reach Media Group are laying off 12% of staff –
So The Celtic supporters campaign to stop financing them is clearly coming to the fore thankfully !
Sevco…Home of the shysters and snake oil salesmen…I’m told that their reports are based on the writings of…Hans Christian Anderson…Their day of reckoning awaits them.