Kieran Maguire cites Dave King in £87m Rangers boardroom claim
Rangers still have boardroom issues and a ‘dissenting’ shareholder n Dave King despite reporting record turnover of £87million.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about the financial state of Rangers amid their latest accounts release.
In November 2022, Rangers revealed a club-record turnover of £86.8m, resulting in profits of £5.9m.
It is a £27.6million improvement on the year prior when the club reported losses, and the club released the full accounts on Companies House this month.
However, despite the record profits, Rangers have experienced plenty of boardroom changes this month with John Bennett replacing Douglas Park as chairman and Ross Wilson leaving the club to join Nottingham Forest.
Maguire believes Rangers are in good financial health, but believes the club’s European income has glossed over some of the boardroom issues at Ibrox.
“The main issues at Rangers are that their financial success was enhanced by the progress they made in the Europa League as well as the monies that brought in from matchday sales,” Maguire told Football Insider.
“Things will be slightly different in 2022/23 – the club will have made more prize money in the Champions League despite their poor group record.
“However, there were fewer home games to bring in matchday income.
“In terms of their general financial health, they’re probably at a B- grade.
“The level of debt is manageable, but there are issues at boardroom level and they do have a dissenting shareholder in Dave King.
“These things will drag the club down, and there is always looming pressure in terms of trying to keep up with Celtic.“
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