The financial results Rangers posted this afternoon have been giving the Celtic fans some smashing reading today.
Rangers posted £17.m worth of losses this afternoon and the majority of sensible people can see what those figures mean for the club.
Well, except the BBC who ran a good news headline about Rangers now ‘being free from litigation’ whilst completely ignoring the big non-elephant in the room.
Even football finance expert Kieran Maguire ripped into the Ibrox accounts as he detailed the key points on social media.
To reiterate, Maguire posted:
- Rangers publish 23/24 accounts: 🔑 figures
Revenue ⬆️5% to £88.3m
Wages ⬇️4% to £61.2m
Player transfer amortisation ⬇️17% to £10.7m
Underlying losses (pre one off items and player sales) ⬇️41% to £13.8m
Player sale profits ⬇️76% to £5.6m
Pre tax loss ⬆️466% to £17.3m
Player purchases ⬆️ 20% to £21.1m
Player sales ⬇️48% to £12.9m
Gross squad cost ⬆️23% to £49m
Net borrowings ⬆️139% to £26.7m
There’s absolutely no way of looking at these sets of results without coming to the main conclusion that the pre-tax losses of £17.2m are an absolute disaster.
Well, unless you are a Rangers fan on Follow Follow then everything is peachy and rosy in the garden.
CLICK HERE TO SEE FOLLOW FOLLOW’S DELUDED REACTION TO RANGERS’ FINANCIAL LOSSES