Kieran Maguire: Rangers handed vital '£30m' boost after Douglas Park reveal
Rangers are still very much reliant on external investment and borrowed £29.6million in the last year alone.
That is according to finance guru Kieran Maguire, speaking exclusively to Football Insider after analysing Rangers’ most recent set of accounts.
The Scottish champions posted a £23.5m loss for the year ending June 2022 after a season in which they won the title after a decade-long wait.
The 64-page document, published on 5 November, which included detail from chairman Douglas Park, also shows that the pandemic has hit the club to the tune of at least £20m.
This has meant the club has been unable to achieve its goal of becoming self-sustaining and has instead relied on the wallets of its shareholders.
Maguire claims that external funding is vital for Rangers while they look to build on the foundations of the last decade.
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“They are reliant on external investment,” he told Football Insider correspondent Adam Williams.
“The chairman’s statement says they are going to need around about £7m this year to make sure that the club is on an even keel.
“If you are losing money operationally, you have the option to go to the owners.
“Rangers haven’t been able to sell the talent because they want to compete on the pitch.
“The benevolence of the owners has meant that the internal issues have been resolved.
“If you look at the numbers, last year they borrowed £29.6m. That is going to be from directors and senior investors. They have repaid £8m in loans.
“The good thing about a significant amount of those loans is they have since been converted into shares.
“The advantage of a share, as opposed to a loan, is that there is no obligation for repayment.“
In other news, Steven Gerrard to tell Rangers board he wants Aston Villa job.