Rangers fans outside IbroxRangers fans outside Ibrox
Rangers alarm bells ringing as further loan plans emerge at Ibrox
The Rangers boardroom’s plan to take out £13million in loans on top of £17million losses should set alarm bells ringing at Ibrox.
The club posted their annual financial report on 29 October, which displayed a £17.2m net loss over the past 12 months – a huge increase from the £4m losses reported for 2022/23.
While that figure will already be concerning enough for fans, the Ibrox board’s new refinancing strategy means that those losses won’t be decreasing any time soon, with £12.6m of raised equity planned.
A statement in the club’s report said: “As part of the refinancing, the club will draw down a further £4.0 million in debt funding.
“Additionally, our investors continue to be supportive and have agreed a funding plan to raise an additional £8.6million of equity.”
Rangers on a downward spiral without new investment
If £17m in losses for the past financial year wasn’t already alarming the Ibrox faithful, fans won’t be expecting much better results in 12 months’ time unless radical change occurs in Glasgow.
Adding up to £13m in shareholder loans to the club – which will be registered as losses in the next accounting period – shows that the Light Blues are burning through money at far too quick a pace.
Although payments such as the £67,000 sent to the SFA for their temporary use of Hampden Park earlier this season are unlikely to be repeated, the club being indebted to its shareholders is less than ideal.
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John Gilligan
John Gilligan has tried to steady the ship at Rangers [credit: Rangers Football Club (Official) on YouTube]
Interim chairman John Gilligan has already had a very public spat with Dave King – the Gers’ largest shareholder – and further friction between benefactors and boardroom could have catastrophic impacts.
Bears fans have already made their disdain clear when it comes to the board, and with foreign takeover talk seemingly a pipe-dream, it remains to be seen just how long the current malaise can continue.
In other Rangers news, Andy Halliday was impressed by one Light Blue v St. Mirren despite an overall “laboured” performance.
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