If someone can post the whole article from the record.
Heres an extract -
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David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.
“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.
“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.
“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
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Heres an extract -
"
David Low, who was Fergus McCann’s financial advisor when he saved Celtic from bankruptcy in 1994 and who currently co-owns the Glasgow Rocks basketball team, believes the figures make grim reading, particularly for Rangers.
“It’s an imperfect storm for them,” he claimed. “Scottish clubs’ over-reliance on match-day revenue is a general problem but Celtic and Rangers also have the two biggest wage bills in this country. However, while Celtic have signed a lucrative new deal with Adidas, Rangers will be having their kits manufactured by new boys Castore, which means that – unlike Celtic - they won’t receive a large advance from them.
“Add to that the fact that Rangers have no cash reserves while Celtic have £35 in the bank and that Rangers have no credit facilities with any bank and it’s an unhealthy place for them to be in at this particular point in time. They have no cash or access to cash and the only way out of that I can see is for their directors to issue even more loans and eventually convert them in to equity, which has the effect of further devaluing the worth of the club’s shares.
“Celtic fans regularly criticise major shareholder Dermot Desmond but they should be careful what they wish for. There’s never been a better time for any club to have a genuine billionaire on hand.”
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