by I will write a short article about it this evening.
Because this is inevitably going to develop a lot further and I need to take a closer look at the actual Ibrox accounts to be clear about that.
We are now at a point where the Ibrox club has lost almost as much money as the old club owed to HMRC.
If you had asked me 12 years ago whether things at Ibrox would still be as crazy 12 years later, not even I could have imagined them getting away with what they got away with.
What’s even more annoying about all of this is the fact that Celtic have played their part.
The damaging Five-Way Agreement is evidence of this.
This toxic document is one of the reasons we are where we are today.
And it was exactly what it was, because little by little the Ibrox club managed to become even more chaotic than the previous unit.
The document that Peter Lawwell “never saw” has enabled this shitty club to behave in the most financially despicable way in the history of Scottish football.
Because what else can it be?
What other club in the history of Scottish football has behaved like this?
This club is insolvent, propped up by director loans and losing money exponentially season after season.
It is a travesty that any club in Scotland should be forced into administration while this club gets away with absolute murder.
Here’s the basic rundown of losses through June this year, as reported in the Record this evening:
Rangers reported an operating loss of £17.2m in the last financial year.
The Ibrox club has published its annual report and accompanying financial report for the financial year ending June 30, 2023, in stark contrast to last year’s report. Twelve months ago the club posted a paltry operating profit of £252,000, but things are looking bleaker now that the coffers are being wiped out.
The figures show record core sales rose by £5m to £88.3m. But the total cost of ownership – or costs – remains high at £110m. Staff costs are £61m, down £3m on the previous year. Expenses on their short-term lease at Hampden were also listed, with Rangers writing a check for £67,000 to the Scottish Football Association.
Stunning to say the least.
I will write a more detailed article about it tomorrow.
This is a defining moment in Scottish football.
If the Ibrox club think it can just be business as usual after this then they should think again.
Running a business like this is not sustainable.
You are currently in a serious financial black hole.
Directors cannot throw unlimited money into this black hole.
No investor will harm this financial pariah either.
They are now in a difficult situation as UEFA will not allow a sugar daddy to solve their problems.
To me it actually looks like problems that just can’t be fixed.
A few weeks ago Ibrox fans laughed at the predicament Inverness Caledonian Thistle found themselves in.
They enjoy disrupting their fundraising efforts.
I don’t think they’re laughing now.
That’s karma.
That’s what you get when you trample on the rest of Scottish football.
The walls are closing in over there.
It’s like death by a thousand cuts.
This has been going on for 12 years now.
When will it finally end?
