Kieran Maguire salutes 'record-breaking' £2.6m Rangers move
Rangers deserve praise for pursuing “left-field” avenues when it comes to generating revenue.
That is according to finance boffin Kieran Maguire, speaking exclusively to Football Insider about the club’s recently-launched cryptocurrency scheme.
The club signed up with crypto provider Bitci earlier this year and £2.6million worth of club-branded tokens were put on sale on 5th July.
Speaking to Rangers’ official website four days later, Bitci CEO Altan Tan claimed the tokens were “sold out in seconds.”
Commercial director James Bisgrove revealed that this had generated “significant revenue” for Rangers and was a “record” in the world of crypto.
Maguire saluted the Scottish champions for their ingenuity in seeking to maximise profits.
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He told Football Insider correspondent Adam Williams: “Rangers want to be a 365-days-per-year club when it comes to raising cash.
“You can see the benefits of that. Rangers have superb support and they’ll always sell out Ibrox but there’s an effective limit of around 30 days a year. when you can use it.
“Then you’ve got 330 or so days a year where you’ve got costs being incurred but no money coming in.
“Therefore, thinking left-field and outside of the box in terms of alternative ways of raising revenue has its merits.
“The benefit for Rangers is that they get the cash upfront for the tokens and then eventually will have to hand over goods in exchange.”
Rangers state that more fan tokens will be released in the coming months.
As per their last set of accounts, the club earned just short of £7m from commercial and sponsorship activities for the last financial year.