There’s so much wrong with Rangers latest financial results that even the mainstream media are trying their best to put a positive spin on it.
This morning we had the Daily Records shameful attempt when they said that the club posted ‘healthy profits’ when the opposite is the truth.
When all is said and done, Rangers posted losses of almost £1m off of £87m turnover.
That’s it.
But in a desperate attempt to explain away one of the failing aspects of the accounts, the Glasgow Times accuses our club of using a ‘financial quirk’ to explain why our merchandising profit exceeds those at Ibrox.
What is a quirk? Reporting the truth?
The report quotes finance expert Kieran Macguire as saying, “Lower than Celtic, but they show merchandise income gross, whereas Rangers only show the commission from Castore.
“Without that Rangers would have been considerably higher.”
So Celtic report the whole figure whereas Rangers only report the commission. Can anyone tell me why that is?
Any tax or finance expert out there tell me why Rangers would do this?
The reason why I’m asking is because the journalist that wrote this tripe didn’t explain exactly what this ‘quirk’ means. I have no clue.
I’m a blogger, not an accountant.
Of course, it means eff all. It’s an attempt to try and plant a theory that, somehow, our club are trying to hide something when that couldn’t be further from the truth.
Lamb must be tasty at this time of year.
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