Rangers are ‘vulnerable’ after £17m+ Ibrox reveal – Stefan Borson
Rangers are in a “vulnerable” position as they are reliant on their owners putting money in to keep the club ticking over.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider the Glasgow giants are facing financial challenges because they are currently operating at a loss every season.
Rangers released their latest accounts for 2023-24 on 29 October, revealing their core revenue increased from £83.8million in 2022-23 to a record-breaking £88.3million and total income of £94.2million.
The Scottish club’s net losses increased by £4.1million to £17.2million, but they did manage to cut their overall staff wage bill from £64million in 2022-23 to £61.1million last season.
Football Insider revealed on 31 October Rangers had over £75million less cash in the bank than Celtic after their year-end figure stood at just £1.7million.
Rangers are facing financial challenges after recording losses
But Borson insisted that is only a snapshot and doesn’t provide too much of an indication into the club’s financial situation.
“I wouldn’t focus too much on the money in the bank,” Borson told Football Insider.
“It’s really just a snapshot on the balance sheet date.
“The following day somebody could have put £15million into the club.
“I’m not saying they did, but all that cash number is on the balance sheet was the total cash in the company on 30 June.
“It’s just a snapshot. If you were to look at a snapshot of all the English Premier League teams, they will have a wide variety of cash on the balance sheet day.
“It’s not really that indicative of very much.
“But clearly, there is no question that Rangers have got financial challenges because they are operating at a loss every single season, as so many football clubs are.
“But they are pretty substantial losses, so it needs the owners to be putting money in to keep the whole thing ticking over.
“While you are reliant on people putting money in, you are vulnerable.”
In other news, Rangers get extra £2.9million as new Ibrox paperwork filed.
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