Archive | November, 2017

Good News For Rangers (In Case You Missed It)

4 Nov

Rangers International Post Accounts and the spin from the usual outlets miss the actual news. Let no body say everything is perfect at Ibrox but the concentration on selecting figures shows at least why some Commentators are unfit to pass judgement on Finances.  The Headline Figures of £6.7 Million net losses look on the surface as terrible news for Rangers.

Sadly the devil is in the detail though and there is good news for Rangers Fans. News that unless you dig into the conditions of the Accounts then like so many in the Press you miss.

Season Ticket and Non Ticket Revenue went up 55% given that the now ended Retail Contract with Sports Direct deprived Rangers of around £3 million per year (Previous to Sports Direct Retail Deal the Retail Arm earned Net Profit of £3.2 million) and to end the contract cost in the region of £3 million then suddenly you have a £6 Million hole the red column that won’t be repeated. Think of the fans Retail Boycott, Customers who would are renowned for purchasing anything Rangers turned the Megastore and Online shop into a Ghost town.  The key dates are the Boycott was lifted a couple of months before the June 2017 report.

Remember the renegotiation of the Retail Deal was met with such enthusiasm from the Fans that Puma could not supply replica strips to meet demand. The lack of supply of Replica Strips was again only the headline as the rush to buy from Rangers Retail Outlets was akin to the Californian Gold Rush in 1880s.  This accounts for only part of the 55% increase in revenue.

Ibrox has been maintained to the highest standards again following a period of years that the infrastructure was neglected.   Even if this accounts for approximately £1 million then suddenly we find an operating loss of some £7 Million.


The operating Costs or if you like Buying Players on the books as £8million sees some 15 million pounds swinging from Red to Black. The Term “Soft Loans” hides the fact that these Loans are require less Service Charges than Hard Loans from Financial Institutions So whatever you consider of the Directors Bail Out to ensure their investment continues to trade then you need to think That given their intimate knowledge of accounts and their obvious wealth (gained through Business acumen) that they appreciate the need for and the continued Business strength.  Almost uniquely Ibrox Stadium makes money seven days a week twenty four hours a day.  Willie Waddell designed Ibrox to be an Office Retail Park that contains a Football Stadium and the assets of Rangers International are still under used the Car Park is available for hire 90% of the time and the Shadow of Edminson House still lies Empty behind the Coploan Road.  The plans for the former Rangers Pools Office will no doubt earn Income for the Board even if it’s a further Million Pound annually it’s still more than currently generated.

The real Headline surely is that a Corner looks like it’s been turned in G51, The Retail Deal alone will wipe out the current operating loss.  The further expansion of the other income streams and the reduced maintenance costs of Infrastructure will only improve the financial standing of Rangers International.  Take away the hidden costs of Legal teams fighting Sports Direct.  The main Fix seems to of happened in the Deals made by people who really have to be questioned on the Motives for Committing Rangers FC to Deals that did not benefit the Ibrox coffers.