Since 2012, the Ibrox side has racked up almost as much losses as the old club owed to HMRC, it is insanity, and Celtic have played their part in facilitating this utter madness
Eric Knott 
Christof Koepsel/Bongarts/Getty Images
I’m going to do a short article on this tonight.
Because, inevitably, this will develop much further, and I need to get an in depth look at the actual Ibrox accounts to wrap my head around this.
We are at a juncture to day where the Ibrox club has lost almost as much money as the old club owed to HMRC.
If you’d asked me 12 years ago if things would be this insane at Ibrox 12 years later, even I couldn’t have imagined they could get away with what they’ve managed to get away with.
What is more galling in all of this is the fact that Celtic played it’s part in this.
The pernicious 5 way agreement is testimony to that.
That toxic document is one of the reasons we find ourselves where are today.
And pernicious is exactly what it was, because gradually, the Ibrox club has managed to become even more shambolic than the previous entity.
The document that Peter Lawwell “never set eyes on” has facilitated this shitshow of a club to behave in the most fiscally abhorrent fashion in the history of the Scottish game.
For what else can it be?
What other club has behaved like this in the history of the game in Scotland?
This club is trading while insolvent, propped up by directors loans while haemorrhaging money at an exponential rate 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 is the basic overview of the losses up to June of this year as reported in the Record this evening:
Rangers have announced an operating loss of £17.2million in the past financial year.
The Ibrox club released the annual report and accompanying financial statement for the year ended 30 June 2023 which is in stark contrast to last year’s. Twelve months ago the club posted a slim operating profit of £252,000 but it’s a sorrier sight now with cash being haemorrhaged.
The figures do show record core revenue is up by £5m to £88.3m. But total operating expenses – or costs – remain high at £110m. Staff costs account for £61m, down by £3m on last year. The outlay of their short term Hampden tenancy was also listed with Rangers writing the Scottish Football Association a cheque for £67,000.
Staggering to say the least.
I’ll do a more in depth article on it tomorrow.
This is a seminal moment in Scottish football.
If the Ibrox club thinks it can just continue as normal after this, then they should think again.
Operating a business like this is unsustainable.
They are in a serious financial black hole right now.
Directors cannot keep throwing money into that black hole indefinitely.
No investor is going to touch this financial pariah either.
They are caught between a rock and a hard place now, as UEFA will not allow a Sugar Daddy to fix their problems.
In fact, to me, these look like problems that just cannot be fixed.
A couple of weeks ago, Ibrox fans were laughing at the predicament Inverness Caledonian Thistle found themselves in.
Finding hilarity in disrupting their fundraising efforts.
I don’t think they’re laughing now.
This is Karma.
This is what you get for riding roughshod over the rest of Scottish football.
The walls are closing in over there.
It is like death by a thousand cuts.
It’s been going on for 12 years now.
When will it finally end?
Is someone actually trying to blame Peter Lawwell for this?
The most successful sports financial operator in the UK in this century, making Celtic OFFICIALLY the best run club in the whole of Britain, and still he has his own club’s fans decrying his success!
Get a grip!
This other lot have been accomodated by the sfa just like their predecessors were for several years before they went under!
They only have themselves and the protection of the sfa to blame!
Sevco gave the SFA £67k for the rental of Hamdump for two months??????
Am I right in thinking Celtic paid something like £500k for a season????
As per usual when those two get together there is always corruption and funny haunshakes!!!!
The comedy club trading while insolvent.
All the while Celtic go from strength to strength.
The sooner they close the big house the better
We were told that the old rangers were given the best advice. So given that the financial situation they found themselves in was “accidental” advice is exactly that advice. You don’t have to take it.
This time they know exactly what they are doing . And everyone knows it
Jelly and icecream 🍦on order. Popcorn 🍿on standby 🍀🍀🍀
😂😂😂😂
All that marble, wood panelling and chandeliers will make a lovely atrium for flats. I won’t miss them.
Should be kicked out of Scottish football for good this time own fault no one elses
HAHAHAHAHAHAHAHA HAHAHAHAHA HAHAHAHAHA HAHAHAHAHA HAHAHAHAHA HAHAHAHAHA HAHAHAHAHA HAHAHAHAHA
With a bit of luck the big hoose will finally have to close and that will be the end of them.
If that shuts down it will probably be the end for the Loutsden as well. Bring it on 😅😅😅
If Inverness Caley are put into administration for being in less debt how can Rangers be allowed to carry on surely this has got to be asked at a higher level.
I struggle to comprehend why the Hampden rent was included as these figures cover to the end of June. They didn’t play at Hampden until August. I would have thought the rent money would show up in next year’s account.
Is there any truth in the story that the directors stumped another £8M to keep the lights on? That’s the most significant figure I have come across.
Celtic are doing well but they need decent teams to practice against to give them a better chance in europe. A lot of supporters slag the celtic board but compared to the rangers one they are doing very well.
Don’t interrupt your enemy……..
K
This isn’t a new story things at Ibrox have been glossed over and overlooked by the SFA for years and years. Clydebank and Gretna weren’t in as bad a mess or as much debt and didn’t cheat the HMRC like The Rangers did and are still doing ,yet they were kicked out of the league all together. And like with ICT’s demise I don’t see the football powers helping them out either another one bites the dust yet the lying cheating Rangers are allowed to keep going spending money they don’t have and weakening the shares in the club that blinded loyal supporters bought to try and save their club only to be slapped in the face again and again with every share floating issue!!
I find it unbelievable that they go from c break even to 17m loss. Are they bookkeepers instead of qualified accountants. How much does the CEO get paid for running a company losing £17m. The knuckle draggers need answers.
You’re not Sevco anymore will soon be the song sung by many. A business cannot sustain the kind of losses they’ve had since 2012. The peepul will soon have to accept that their Club is nothing more than mediocre in every respect. Soon to become a mid table SPFL Club. BTW has anyone else noticed the ‘pattern of assistance’ rearing it’s ugly head again recently?
A club and business run by crooks from Murray to Whyte then green then king offering shares after shares after shares the gullible couldn’t see the woods for the trees but there will be a lot of work getting covered 🤝 believe you me .
🧟🪦 Fitting timing…
Rodney my old son , trotters independent trading has ceased to exist, never mind , this time next year we’ll be millionaires.
Celtic don’t do funny handshakes
and the 500k we paid for Hampden which I’m sure it was more than that was 30 years ago it would cost us a damn sight more now
No other business in the world could you post that phenomenal loss and be allowed to keep operating the worst has yet to come for these
charlatans.