Revealed: New Ibrox document shows Rangers ready with £11m ahead of Jan splurge
Rangers have £11.1million in the bank despite their revenues tumbling due to the pandemic, according to the club’s newly-published accounts.
The Light Blues have announced a drop in turnover and profits as Scottish football continues to be gripped by the coronavirus.
For the year ending 30 June 2020, Rangers confirmed that revenue had increased from the previous year to £59million but they posted a loss of £15.9m, an increase of £4.3m on last year’s numbers.
By contrast, rivals Celtic suffered a 15.8 per cent revenue drop over the same period to £70.2million and their profit before taxation was just £100,000 compared to last year’s £11.3m.
Analysis of the Rangers accounts from Football Insider has showed the club have increased their revenues by 11 per cent, but the fallout from Covid-19 has been significant.
The document states the Govan outfit will require £8.8m of further funding before the season ends in order to meet its obligations while a further sum of £14.4m will be needed by the end of next season.
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The financial shortfall will be met by chairman Douglas Park and vice-chairman John Bennett, who have agreed to provide the club immediate additional loan facilities and the business “will at all times have adequate resources to continue in operational existence for the foreseeable future”.
Encouragingly for fans desperate to destroy Celtic’s historic 10-in-a-row pursuit, the league leaders talk of continuing to invest in the playing squad in order to secure playing success and future revenues.
This bodes well for potential squad strengthening in January, with the club stating it holds “£11.1million within cash and bank balances”.