Rangers have finally announced their accounts from last season.
Shock horror.
And when you pick over the bones of them, no matter how much Kieran Maguire tries to dress up the meat and bones of it, the Ibrox club are still in trouble.
Day to day losses of £10m last season was offset by a Europa League run and player sales, both of which they won’t see this season.
Champions League money will help, but they are out of Europe now and looking at their squad, two of their most sellable assets are almost into the last 6 months of their current contract.
£6m in compensation payments to Mike Ashley is clearly a one-off event. Or is it?
As Gio and his backroom team come under severe pressure, rumours that a pay off if he were to be sacked could top £6m would mean even more cash sucked out of the club with no fall back of European football or players sales to soak it up.
So, in the short term, these figures may look good but they should also serve as a warning to the Ibrox support that there could still be trouble ahead.
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