Rugger Guy looks at the unaudited interims of RIFC 2018

As ever I am indebted to Rugger Guy for providing me with his expert analysis on matters financial.

I sent him the unaudited interims of Rangers International Football Club (RIFC).

They can be read here on Sevco’s website.

So this is what my egg chasing buddy sent me:


Phil you have asked me to provide some commentary on the interim accounts of RIFC.

There is a degree of consistency in relation to last year’s numbers:

  1. The accounts are not audited.
  2. There is no balance sheet.
  3. There are no notes to support the numbers.

I personally would be loath to passing comment on numbers which have effectively been prepared from internal management accounts. Accordingly, it is highly unprofessional to rely on this published profit and loss count and Mr King’s statement.

There are a small number of points worthy of comment.

Loans at the end of December 2017 are now £17.7m. This is a further loan of £1.8m after the year-end. This excludes the recent loan which was secured from the subsidiary of Close Brothers, which was of the order of £3m, before finance costs.

Operating expenses are reported as £3.5m higher than last year. Allowing for player registrations which increased over the summer, the increase over last year is a further £1m.

In summarising, I would not rely on these numbers as being accurate as they have not been audited, but what is clearly evident is that the degree of financial indebtedness continues to rise sharply and the outlook is very challenging indeed.


So that’s his expert take on this creative effort.

“I would not rely on these numbers as being accurate”.


I really can’t add anything to that.

Discover Phil’s dramatic play Rebellion