Kieran Maguire: Rangers ‘not certain’ they can pay bills amid £8m document reveal
Rangers are “not 100 per cent certain” they have the resources to pay day-to-day running costs – but a £7.5million boost may be on the way.
That is according to finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest boardroom developments at Ibrox.
Rangers posted a £23.5m loss for the year ending June 2021 when they published their annual report on 5 November.
The Scottish champions therein revealed that the club’s financers would: “provide additional loan facilities as necessary to meet shortfalls.”
Chiefs admitted that the total amount the club may need to raise to cover its running costs could top £7.5m.
But auditor Greig McKnight told The Herald on 14 November that there remains a “material uncertainty related to going concern”.
Maguire explained McKnight’s claim and argued that, while there is no need for Rangers fans to panic, the situation is not ideal.
“A going concern means the ability to pay its bills on a day-to-day basis,” he told Football Insider correspondent Adam Williams.
“So if there is material uncertainty, it means the club cannot be 100 per cent certain that it has the resources to pay its day-to-day costs.
“It would normally seek assurances that those funds will be made available. The club itself has said those funds are in the region of £7.5m.
“It’s not an ideal situation to be in. Rangers are not alone in this but you would certainly rather not have that statement than have it.“
In other news, pundit suggests Jermain Defoe could have major say on Rangers transfer policy after Ibrox source reveal.