Rangers FC's borrowing tops Scottish football list at more than £22m

noops12345

Well-Known Member
Official Ticketer
#19
rather than give them the hits...


Rangers FC's borrowing tops Scottish football list at more than £22m

Ibrox



A SHOCKING new report has revealed that Rangers borrowed more than £22m in their latest year's accounts, more than double Celtic's total.

3 comments
The Ibrox club's total of £22.5m is more than the remainder of Scottish football's professional clubs combined.

Announced as part of report shared on social media by football business lecturer Keiran Maguire, the Gers's borrowings were taken from their most recent accounts.

British football clubs owe about £3,517,300,000 to banks and owners. Manchester United top the table with £496 million. Chelsea & Everton at the bottom as owners fund clubs via shares rather than loans. Figures from most recent accounts. pic.twitter.com/Yb5koRa0ej

— PriceOfFootball (@KieranMaguire) December 6, 2018

In comparison, Celtic borrowed £10.8m, the second highest total in Scotland.

In October it was revealed that Rangers' pre-tax losses had more than doubled for a second consecutive year to £14.3million.

READ MORE: Rangers AGM: Low-key meeting is a sign of the times and the progress at Ibrox

An auditor expressed "concern" over the figures but chairman Dave King insisted there are no questions being asked about the club's financial strength.

The report was put together by the University of Liverpool lecturer to display the amounts borrowed by British clubs, totalling £3.5bn.

READ MORE: Rangers financial losses double as auditor expresses "concern"

Other Scottish clubs registered - Hibernian, Motherwell, Dundee United and Dundee - owe around £9m between them.

Three other clubs in Scotland also borrowed, however the totals of Aberdeen, St Johnstone and Ross County were all less than £1m while Partick Thistle and Kilmarnock did not record any borrowings.
 

Nizzy72

Well-Known Member
#20
Ok, thanks Kieren friggin' Maguire, jeezo they worm their way into everything, I think our board know what like our finances are. They just seem to love churning out negativity about us
 

rinosprayer

Well-Known Member
#21
Is this really from a “report” or some spotty millennials thesis submission?

Sources please...

‘An auditor’....

‘Put together by the univ of Liverpool lecturer’

Very convincing. That’s a pass for me.
 
#27
I was expecting more TBH. I said before that in business when you are dealing with a business as big as Rangers and how business works along with the amounts, it is beyond us normal folks reading stuff in the press and requires someone who has either been in big businesses for years or someone who has some sort of financial education.
 
#28
Another negative and selective story about Rangers,you would think there's a title race on.
Be prepared for more noise if we keep on top or very close to it.They are bricking it big time.
 

Grant K

Active Member
#29
Semantics, the article uses the word borrowing but infers debt. We have no external debt and since the date the data was compiled a percentage has been converted to equity. Lazy journalism that neither mentions the equity swap or that the borrowing is interest free. File under rubbish.
 

Thasunke Witko

Well-Known Member
#35
Mmm? We've paid off the Close bros agreement.
A very misleading article considering this "borrowed" money is from board members who don't require interest and will convert said money into shares. In effect, we are debt free.
I wonder who this article is aimed at?
Hhhmmm, Chelsea and Everton owe next to nothing because their investors fund their clubs by shares , we do the same but we are in debt , get it fu(kin right ya walloper Kieran.
 

barrheadbear

Well-Known Member
#37
22m of which zero is external borrowing
Exactly, our own board members are hardly going to pull the plug and demand repayment. This is internal debt, not owned to a bank or 3rd party and the conditions of repayment are known to all (majority to be converted to shares when share issue takes place).

Each and everyone of them is a fan and has stepped forward to assist the club in returning to where we belong and for that we as a support are grateful.
 

StuGers

Well-Known Member
#38
Really lazy journalism right there.

King has stated on numerous occasions that pretty much all of the loans shall be converted to shares. So effectively, the loans are investment, not expected to be paid back.

On that case, how much of Celtic’s £10m is in loans earmarked for shares? How does Celtic’s champions-league shaped hole look, especially considering they had to borrow £10m and that includes CL money from last year?

Journalism, eh?
 

Barrymoped

Well-Known Member
#47
Nonsense story made to sell papers to tarriers
While it’s not nonsense, we did borrow this amount, what the article conveniently forgets to mention is it was all by shareholders and not external such as banks or Close Brothers type borrowing, so therefore it’s interest free with no repayment date.

It’s amazing the turnaround in Killie though, a few years ago they were millions in debt with a team fighting relegation. Just goes to show what having a rich local investor and appointing a good manager can do, they are in a great place right now, only let down by their woeful home support.
 

sw26

Well-Known Member
#48
Lumping in owner’s ‘borrowings’ with bank debt is an absolutely useless exercise, particularly when a lot of the owners loans will be interest free and potentially convertible into shares rather than strictly repayable.

I don’t suspect the mhedia are that clued up on such matters however.
 

WalterLoyal

Well-Known Member
#49
Lumping in owner’s ‘borrowings’ with bank debt is an absolutely useless exercise, particularly when a lot of the owners loans will be interest free and potentially convertible into shares rather than strictly repayable.

I don’t suspect the mhedia are that clued up on such matters however.
Dave King has already pointed out that the soft loans will be converted to shares and not a penny of it will ever be paid back by the club. The media however do like to pass off the soft loans as normal debt which has to be paid back. It is an attempt to mislead and confuse.
 

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