Kieran Maguire shreds ‘vultures’ after £115m Rangers finance details emerge
Rangers were targeted by “vultures” during their financial collapse.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest details of Rangers’ liquidation in 2012.
The Glasgow giants have since returned to the top of the Scottish game and last season saw their first league title triumph since insolvency.
But details of the financial catastrophe are still emerging over a decade later.
Creditors lost £90million and £25m was paid to lawyers, taking the total cost of the collapse beyond £115m, per the Glasgow Times on 15 February.
Rangers continue to rely on external investment and saw £1m invested as part of a share issue on Tuesday (22 February).
Maguire claimed Rangers fans have “every right to feel angry” about the opportunists who profited from their plight.
“It does indicate that the lawyers and the accountants at the time saw it as a free feast,” he told Football Insider‘s Adam Williams.
“Their attitude was one of vultures. It doesn’t reflect well at all on the suits.
“It’s also indicative of the fact that what happened at Rangers was very complex and needed a lot of forensic analysis.
“Fans have every right to feel angry at the sharks involved who bought the club and were not fit for purpose.
“The club has been on a recovery path ever since. That’s why there was so much joy when they won the title last season.
“Celtic were allowed to build up a significant financial lead during that period because Rangers were in recovery.”
Rangers lost £23.5m over the course of the last financial year.
The club estimated that they will need £7.5m of external investment this year.
In other news, Paddy Kenny backs Hoops to beat Rangers to title after significant new development.