The Daily Record is bracing their readers for tougher times at Ibrox even though there is a billionaire waiting in the wings to keep the company afloat.
While the fantasists at BBC Scotland decided that finally clearing the decks of litigation from the Dave King days was the headline issue even the Record realises that losing £17.2m isn’t a good look.
Having spent over £15m funding the Clement Revolution during the summer and failed to reach the Play Off stage of the Champions League losses for the 24/25 season are likely to be in line with last season.
The Record reports:
Rangers will take out another £4million loan from investors – and have agreed to borrow a further £9m on top of that.
The club released their annual accounts which showed an alarming £17m net loss – compared to £4million 12 months ago – with a record revenue of £88m. And in the statement to shareholders, it was revealed the Ibrox club are set to take out further loans.
It read: “As part of the refinancing, the club will draw down a further £4.0 million in debt funding. Additionally, our investors continue to be supportive and have agreed a funding plan to raise an additional £8.6million of equity.
“Finally, finance costs of £4.0 million were incurred including an element of interest on shareholder loans that was classified as a capital contribution under applicable accounting rules. The club’s cashflows vary across the season and utilisation of shareholder loans remains a key lever to manage the position throughout the year.
Subsequent to the year end, the Directors have approved the conversion of £9.0 million existing debt into equity with the remaining loan balances being converted to a new long-term facility.”
While some big earners left as free agents at the end of last season the club is still paying the price on the legacy contracts from funding the Gio and Beale Revolutions!
James Tavernier, Jack Butland, Rabbi Matondo, Ben Davies, Jose Cifuentes, Ridvan Yilmaz, Kieran Dowell, Cyriel Dessers, Danilo and Nicky Raskin remain on lucrative deals with all of those players under contract until at least May 2026.
The main issue to come from the accounts is the impact of further losses on UEFA Sustainability rules, something that the Record and BBC would rather avoid.
While the record breaking losses are portrayed as a bid to compete with Celtic the reality is that they are being used to deny other Scottish clubs access to UEFA competitions and prize money.
It is not ridiculous to suggest that Hearts could have got the better of Dinamo Kiev in a Third Round Champions League qualifier to pick up £5m from a Champions League Play Off place with a guarantee of a place in the Europa League.
With no club in Scottish football interested in Financial Sustainability it looks like a similar situation will arise this season with a club living within their means denied access to UEFA competitions.
Despite the introduction of a Football Legislator in England Ian Maxwell of the SFA has reassured the Scottish Parliament that Scottish football is capable of regulating itself, last week Inverness Caley Thistle went into administration 18 months after reaching the final of the Scottish Cup.
Who will be in the home dug out when Celtic visit Ibrox on January 2
Big Phil- he is A Proper Football Manager
Wee Barry- He knows what it is all about
Wee Alex- Biding his time, already in the dug out
MURTY! The only man that knows the job
Bomber- time to restore some traditions and passion
Sir Alex- Bring him home
That’s the deal of the century down Govanlandia way …invest in confetti products and shares . It’s bombproof !
No more litigation matters,aye until next one pops up.
They owe everybody money,they can’t even pay Aberdeen the money for Barron but thrn go out and borrow and £13 million quid to see the season out.
Trading while insolvent they should be jailed.
Their financial manoeuvres seem to mirror moving the deck chairs around the Titanic.
There will only be one outcome it would appear.
The The Rangers anyone ?
And it’s only taken RIFC 12 years to achieve ‘litigation-free status’!
Rather curious that a start-up company such as RIFC can still be in business this long,
after posting 12 years of significant losses, and no sight of breakeven anytime soon?
Third Rangers has a better ring to it, TN
A Third rangers vould buy Third Lanarks history then
They’re just Cheating SCUM Bastards.. DIE FUR FUKIN GOOD!!
The corruption in Scottish football runs so deep.
Sevco take a Aberdeen player, Barron, and say we are not paying you what you want so see you in “court”. In the meantime Aberdeen lose an asset which Sevco are using for free at the minute.
They should not be allowed to play him until a fee is settled and if so they must include some sort of back compensation.
All this crap about massive losses means bugger all as when it comes down to it Sevco will just not pay and the SFA,SPL, Uefa and uncle Tom Cobley will do nothing about it.
They have basically done a “Warburton” on the authorities and resigned them.
Barron shouldn’t even have been available to play v Aberdeen tonight if The Cheats with Whistles, flags and monitors had been honest with the rules of the game on Sunday at Liebrox !
The outside of the ICT stadium is palatial in appearance. Obviously living above their means.
A bit like Rangers, sevco or whatever you want to call it!
And with no CEO, Director of football or Chairman, their Three Year Management Plan probably looks a lot like a dog’s breakfast.
Does nobody really care!?
If they gave Clements a fifty year contract, it might not make any difference now!
That’s some night’s fitba results.
Took us a while and a few changes to get things right but we got there okay in the end, and that’s what matters. Then the unthinkable happened at a packed Pittodrie. Beaton was far from his cheating self. Even gave the sheep a penalty, which they bloody missed, but that’s not his fault and ‘they’ had a goal chalked off which was a very close call. Strange but both decisions could’ve gone the other way. Is this the start of some honesty and integrity in Scottish fitba? I sure hope so. Oh and Motherwell won which may give them a wee boost prior to Sunday’s game and I think we’ll bring the sheep’s golden run to an end on Saturday. Oh and the diet huns got gubbed and Big Ange got a win over Citeh. Yup, that’s some night’s fitba results. 🙂