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Financial Fears- Daily Record comes clean over Ibrox losses

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Image for Financial Fears- Daily Record comes clean over Ibrox losses

The Daily Record has finally admitted that their favourite football club made a loss of £4.1m last year.

When the accounts were published November 13 all media outlets decided to headline an operating profit of £252,000 with only Internet Bampots able to pick out the £4.1m loss.

After a season that included a first ever appearance in the group stage of the Champions League and the windfalls from selling Calvin Bassey and Joe Aribo it seems that the company is unable to get close to break even.

The highest wage bill in the country was put down to the bonuses paid out for reaching the Champions League which conveniently side steps adding Ben Davies, Rabbi Matondo, Tom Lawrence, Todd Cantwell, John Souttar and Ridvan Yilmaz to the wage bill.

Aribo and Bassey weren’t big earners, probably earning in month what Kemar Roofe and John Lundstram collect every week.

Breaking the bad news ahead of today’s AGM, under the title Financial Fears the Record asks:

There has to be concern that the club ended up with a £4.1m net loss in a year in which they reached the Champions League and sold Calvin Bassey for almost £20m. Their operating profit of £252,000 (down £5.65m from last year) was roughly the same as Scottish Premiership rivals Hearts but from four times the revenue of the Tynecastle side.

The numbers don’t make for great reading with £16m in loans, with £13m of that sum from investors. It’s the second consecutive year of turning an operating profit but, crucially, the club hasn’t made a net profit in any financial year since 2012.

It’s now five years since former chairman Dave King said at the club’s 2018 AGM that the cub would be self-sufficient within two years and they still aren’t. It can’t continue like this. What is the board’s strategy to change this?

Since the accounting period ended the club has reported a £13.1m loss on Micky Beale’s summer Revolution!

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0 comments

  • Terence Nova says:

    If the DR is now on their case and exposing their financial problems…Then they MUST be in a seriously bad way…Ya beauty.!!

  • Captain Swing says:

    Like watching a car crash in slow motion – again!

  • Bob (original) says:

    Yes, that was a surprisingly honest-ish sevco summary in The DR.

    What did catch my eye was;

    “…The numbers don’t make for great reading with £16m in loans, with £13m of that sum from investors…”.

    It just triggered a memory about Rangers FC.

    It was a similar amount – £18M – which Lloyds / HBoS was keen to recover from

    the original ibrox club, to the point where ‘Walter’ was quoted as saying that the

    bank was now running the club.

    The bank got its cash back – and then b*ggered off ASAP.

    …and Rangers FC was left with Craig Whyte. 🙂

    Wonder what moonbeams will be released at the AGM to distract the bears…?

  • whiteseatbhoy says:

    How long will they take to tell us that they have a new company secretary(1/12/23).

  • Scouse bhoy says:

    Top of the agenda will be tickets for parkhead on the 30th.

  • JC says:

    This sequel has been 12 yrs in the making. Still bit early to book the face painter.

  • Clachnacuddin and the Hoops says:

    Incredible that The rancid one has done this and used such strong ‘language’ for them…

    There must’ve been a falling out somewhere down the line –

    Oh dear… ‘When Thieves Fall Out’ and all that !

  • Scud Missile says:

    Get the Cher song playing at Parkhead when they run on to the pitch at the end December,Gypsies Tramps and Thieves.

    Someone is heading for a sore one over at te Daily Sevco as they have broke rank by disclosing the true accounts.

    But no doubt there will be a nice wee squirrel story to at the AGM today to take the heat or the sting out of the bad news released by the paper.

  • John Copeland says:

    So much for the daily Record being in financial doo -doo ? The haemorr , sorry ,tabloid sent 3 scoops to cover the Rangers excuse fest ,also known as the AGM ! Newport , Young and Berry were the guys ( sounds like administrators ) ,at the soirée. Holding hands , humming and comparing notes presumably ? Still ,the rag has some ways to go to compete with the BBC in Scotland’s the Rangers staffing levels ! That explains why the BBC licence is in line to rise £15 in 2025 … according to a report ,of course ?

  • harold shand says:

    You notice how they go about it on their fake phone in about the subject though

    ‘ Rangers under attack , crazy hotline , Celtic fanatics cry ‘

    All in the one headline

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