When Dave King and co. swept to power in 2015, one of his main objectives was to bring the club into a position where it could look after itself. It didn’t need a rich owner or handouts from shareholders and it didn’t need loans to pay the bills or to keep the lights on.
With the club releasing details of our annual accounts to June 2022 this morning, it’s safe to say that we are now self-sufficient.
#RangersFC are today pleased to present their Annual Report & Accounts for the year ended 30 June 2022.
Key highlights include:
👉 Revenue of £86.8m
👉 Operating Profit of £5.9m
Read more:
— Rangers Football Club (@RangersFC) November 9, 2022
It might be a few years until the 10-year plan is fully realised but if we can afford to pay £8million to cancel old contracts and £12m to directors for loans that they have given to the club in the past and still post a profit, I think we are in pretty good shape.
The £5.9m profit doesn’t include the sales of Joe Aribo or the record-breaking transfer of Calvin Bassey, nor does it include any money made in this season’s Champions League so, already, we are in a good place for the next financial year and set of accounts. We should also be losing several non-contributors off the sizeable wage bill and Edmiston House will be bringing in money rather than costing it, a similar scenario with the various upgrades to Ibrox.
That we spent less than we received in the summer is also an indication that we aren’t going to return to the boom and bust days of David Murray and that there is an element of future-proofing being taken by the board, it’s not always an easy pill to swallow but it is one that makes long-term sense.
Interesting reading, I’ll be sitting down later today with @POF_POD @KieranMaguire to break down and provide analysis. Free on @thisisibrox https://t.co/JTcd0GomML
— Tommy (@Tommynglasgow) November 9, 2022
If you want a full breakdown of what the accounts mean, Kieran Maguire will be on the This is Ibrox podcast this afternoon, the man widely regarded as the pre-eminent football finance expert in the UK, for once though, it’s financial news that might actually be an enjoyable listen for those of a blue persuasion – just spare a thought for those across the city who have been predicting administration every year for the past ten.
More lies from Andy Walker have not seen a apology yet ?
Exactly, I’ve seen about 3-4 of them make the same claim. Must be reading too many celtic blogs.