John Gilligan told Ibrox shareholders that their company is now sustainable.
It is an incredible comment at the AGM for a 12 year old firm that has never recorded a profit with the losses for the 12 months to 30 June 2024 put at £17.2m.
Projections for this year suggest that a similar or slightly increased figure can be expected.
It is believed that around £6m has been taken off the first team wage bill but there won’t be any Champions League Play Off fee in this years accounts which will include the costs of redeveloping the Copland Road Stand, hiring Hampden for five matches and the vastly reduced associated income from those fixtures. Matchday income is significantly down as Season Ticket holders stay at home.
Nevertheless three wins on the bounce has gone a long way to reinstating Phil Clement as A Proper Football Manager with the shareholders in the mood to nod staunchly at whatever they were told by the caretaker Chairman who is a right good blue nose.
The club website published Gilligan’s speech in full which contained this gem:
Currently the Board is made up entirely of investors who have consistently funded the club over the last 10 years. This structure served the club well in the initial phase of our recovery.
Rangers is now in a much stronger financial position and this, combined with the current refinancing exercise, means our business model is now sustainable.
Our Board structure should reflect this, with a strong role from independent, non-shareholder, non-executives and more representation from our executive team.
It seems that none of the shareholder picked up on that point, Clement’s January war-chest should give an indication of whether or not the club is ‘now sustainable’.
By any normal definition the Ibrox club isn’t sustainable, serious cuts are required to the wage bill, Tom Lawrence and Leon Balogun will be out of contract in May but James Tavernier, Jack Butland, Cyriel Dessers, Ben Davies, Danilo, Nicky Raskin, Oscar Cortes, Mohamed Diomade, Ridvan Yilmaz and Rabbi Matondo all have deals running until at least 2026.
Unless Clement can come up with a way to beat Celtic at least once in the next month he is in for a very short relationship with incoming CEO Paddy Stewart.
Lol £17.2 million bangers in debt just until this point of the season with another £13 million bangers required to see the second part of the season out,aye that sounds sustainable if your using a Delboy Trotter calculator.
A speech right out of Big Donald’s FAKE NEWS book stories,and not one person in the room with the bottle or the brains to call out the STAUNCH blue nose LIAR.
So Gilligan praising the financial state of the klub over in ibrox,this gives the press like the daily sevco and the BBC Scotland lots of shite to feed off from,and they can start to peddle the FAKE NEWS transfer stories about 4,5 and 6 million quid players being signed in January.
The first to get pushed to the front of the big transfer fees will be Miller from Motherwell with others to follow,watch over the coming days.
There is definitely a technical issue with the sevco calculator,Dundee sold 1 player to Celtic for £1 million quid,sevco punted 5 for 800,000 grand but the board put it out there the players had been sold for at least £1.5 million a pop with a profit on each player.
I blame the schools.
You sure he didn’t say “shitstainable”?.
Gilligan’s Island returns.
I thought this was a wind-up….. £88m (company record) turnover culminating in a £17m annual loss is anything but sustainable (;-0)
HH
“Rangers is now in a much stronger financial position and this, combined with the current
refinancing exercise, means our business model is now sustainable.”
Fortunately for RIFC it’s a delisted plc and not subject to the associated scrutiny,
but in the real world a plc Chairman just couldn’t / wouldn’t say that at an AGM after
posting their 12th loss in a row since incorporation.
And perhaps more significantly,
the business ‘journalists’ across the MSM would be ridiculing the
Chairman apart in their coverage?
Does being sustainable mean trading while insolvent.
Del boy would be proud of that bullshit.
When are they paying Aberdeen for Barron , what is the SFA,s delay .
I like him, he’s a great laugh.