So theRangers lost money but ‘press lackeys’ all report otherwise

The recently released financial results from theRangers shows that while those running our club have their faults, Celtic is as a business professionally run…

So theRangers recently announced their financial results for the year and it unsurprisingly made for dire reading for the supporters of the Ibrox club that is, if they actually got to the truth within the figures.

I don’t know the ins and outs as I don’t really care, but plenty if you read the mainstream media including remarkably the BBC then you all notice that they are reporting for the second year in a row a loss as a profit.

Let’s look at Celtic social media for a more accurate assessment starting with GrandOLTeam (@JBLuvsCeltic) who states the following:

Some thoughts on the Rangers Annual Report. Loss increased from (£919k) to (£4,144k)

Revenue fell £3m to £83.8m

OpEx rose £9.6m to £95.2m

Big jump to £23.6m (from £11.2m) in player trading profit.

Cash fell from £13.1m to £5.3m. £12.3m infrastructure spend was a large factor.

1.Investors continued to stump up, putting in £21.1m; £16.1m was repaid. Current loans outstanding are £17.6m: £13.4m from Bennett (£12.1m) & Wohlhardt (£1.3m). Also from Scottish Ministers (£3.1m-COVID loan) and a £1.1m bank loan.

2. Post-BS notes say a new lending facility has opened. The notes say the NET of summer transfer activity & the Beale sacking is £13.1m payable. Given the £5.3m cash balance on 30 June & the failure to make the CLG, it makes sense more funding is required.

3. The question Rangers fans would likely have then is whether will there be additional funds made available for January transfers. It’s pretty clear ongoing operations won’t be sufficient to fund much activity.

4. Wages were £64m (£60.8m for Celtic), up from £54.8m in 21/22. H/T to Kieran Maguire, who verified from the club that the increase was largely due to CL bonuses. A bit surprising as Celtic made the same CLG and wages only went up £2m.

5. Rangers spent £17.5m on transfers in 22/23, and an additional £21m in the summer transfer window. Play has improved on the pitch and Rangers fans will wonder if there is a Bassey/Aribo/Kamara among these purchases for future sales.

6. Rangers transferred £11.7m from Assets Under Construction to Freehold Properties. Assume this is Ed House/Museum. Rangers will hope these generate revenue on many days other than match-days and eventually pay for themselves-and then some.

7. In conclusion, Rangers are “all-in”. Every pound in from operations or investors goes back into the squad or infrastructure. Clearly, the goal is league titles & Euro monies leading to self-sufficiency. The 23/24 title is more important to them financially than to Celtic.

Rangers v Aberdeen – cinch Premiership – Ibrox Stadium A member of the British armed forces abseils from the roof of the stadium before the cinch Premiership match at Ibrox on Saturday September 30, 2023, Aberdeen won 3-1. Photo Jane Barlow

Thanks for that GrandOLTeam and thanks to the legendary Rangers Tax Case too for his insight via X.

Everyone and their granny knows about the bleak situation when it comes to finances over Ibrox way. The mess that engulfs the eleven year old club reflects greatly on what our suits do for our own club, and how professionally it’s run. They have a lot of faults, but keeping us in a healthy shape is something they excel at, so credit where it is due.

Celtic turn over healthy profits year in year out. We are run the way a football club should be, even though that occasionally annoys supporters (myself included) when they don’t splash as much cash as we could and perhaps should in the transfer market.

But we have our strategy to follow and it’s worked for many a year now. Of course we need to spend more if we want to improve in Europe. Thats a fact, but when you look at the mess over at Ibrox maybe there’s a reason for that.

Just an Ordinary Bhoy

About Author

An ordinary everyday Celtic supporters hailing and still residing in Govan in the shadows of the enemy. I’m a season ticket holder. I Witnessed my first Celtic game in 1988 and have attended when I can ever since. Growing up in the 90s I witnessed Celtic at their lowest, and now appreciate the historic success we enjoy today. I enjoy writing about this wonderful football club and hopefully will continue to do so. I’ve always been a keen writer and initially started this a hobby. My ambition is to one day become as good an author as my fellow Celtic Star colleagues.

1 Comment

  1. I’m no financial whizz , but if you spend £11 million pounds more than you have money coming in …how do you make a £250.000 pounds profit ? Jiggery-pokery of the arithmetical kind I suppose !