Yeah, People are Dying but What About Rangers’ Accounts?

By Tommy McIntyre
 May 31, 2020

Be under no illusion, we at This Is Ibrox do not make light of the pain suffered by those who have lost loved ones during the current pandemic. 

However, for some, a global pandemic may be important but not nearly as important as trotting out some old tropes about Rangers’ finances.  Less about a bankrupt club (how they wish) and more about the bankrupt objectivity of the main-stream media, I suspect.   

According to the three-year survey quoted in the now amended article in today’s Sunday Mail (so including some of the fundamental on and off-pitch transformation the club has been going through, including the tooth-and-nail fight with Mike Ashley which DID drain some resources) carried out by Danish media outfit Off The Pitch, both halves of the Old Firm (unsurprisingly) are particularly impacted on an income basis due to the current loss of matchday income.  So far so unsurprising given the paucity of the TV income which our ‘members organisation’ SPFL Board have managed to secure.

However, that’s when the reporting changed gear a bit, and the MSM wonders why they are on the outside of the Rangers news cycle. *Note the Sunday Mail article has now been updated to reflect a truer position.

Rangers ‘topped’ the list of clubs affected, showing a matchday impact of 67% of total income.  Celtic came second on 45%.  Nuance of ad-hoc split vs season ticket income was not initially reported. Neither, crucially, was there any mention of projected figures of current season ticket sales or the outstanding reaction to the ‘MyGers’ update (circa 10k+ and counting, netting the club up to £500k).

The reporting also originally highlighted Rangers were at risk of ‘going bust’.  It also claimed Rangers would receive no money upfront from their kit deal with ‘new boys’ (see the implication there?) whilst Celtic would from their deal with Adidas.  This is despite it being widely in the public domain that Castore co-founder Tom Beahon confirmed Rangers has already received £3m from them for the new kit deal.  It also ignores Adidas’ recent agreement to take a 2.4bn Euro loan from the German government to see it through the COVID-19 crisis, which it may now replace with a bond action.  

We at This Is Ibrox spoke to Tom, you can watch that conversation hERE. I’d also direct you to the Four Lads Had A Dream blog where the guys discussed the figures further.  It isn’t hard to find supporting evidence when you want to.

The original article also rolled out David Low (yes, the same who once referred to Mo Johnstone as a “rat” and Ian Durrant as a “Hun”), a financial advisor who helped Celtic narrowly avoid liquidation in the 1990’s.  Why no comment from a neutral source?  You know that answer.  I won’t go on to regurgitate the comments.  Suffice to say they focus mainly on the old tropes of Rangers needing (an implied) injection of monies from people (directors) who may not have it (this is despite the club confirming investor assurances recently via interim Chairman Douglas Park); whilst Celtic have mhillions in the bank. No that wasn’t a typo.

What I will clarify is this: 

  • Rangers have previously accessed credit facilities (close brothers) and paid this off early
  • A brand-new income stream (kits) has been finally fully opened on Rangers’ terms
  • Current investor funds are aligned and new investment remain engaged
  • Rangers have no secured lending on the Stadium
  • Rangers presently pay no dividends with all funds recycled in the club

The usual nonsense is a smokescreen at the heart of which is a question and a wish from large parts of the media (and their puppet masters) regarding Rangers.  The question is:

  • We threw everything at them, how are they still standing?

The wish is:

  • We want all trace of them gone

They didn’t reckon on the fans sticking by the club through everything.  Our loyalty isn’t fair-weather or for sale.  Now we are closing in they can’t comprehend how all their best laid plans came apart as like an angry toddler they are in tantrum mode.

Keep your eyes peeled for future articles appearing on everything from Rangers’ pies having been the source of COVID-19 to players demanding their agents find them other clubs as we are skint.

I’m part of the free fan content so perhaps I am biased too but why engage with those who aren’t open minded enough to converse with us instead of just letting hatred dictate to them?  

I won’t click, I won’t share and I won’t buy.  Although given the fan content we and others such as 4Lads are offering, putting your hand in your pocket isn’t even on the table.

Rangers, Then, Now and Always

@tommynglasgow

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