The featured image should really be emblazoned on the stadium that John Brown played for.
These new owners are all about the Dollars.
Therefore, it was an unexpected boost on Black Friday when Rugger Guy came off the bench as an impact sub.
The days are gone when he had the time to dissect financial stuff for me so forensically.
However, I was hugely grateful that he took time out of a hectic day to scan the year-end accounts from Rangers International Football Club (RIFC).
Showing an impressive ability to multitask, he scanned the salient points and sent me a series of observations via WhatsApp, and I’ve replicated them here.
He impressed upon me that this would be the last time we would see such detailed disclosure from that company.
From now on, it’s all over there in the Delaware Triangle.
Consequently, any significant information will be out of sight and hidden from the intrepid investigators in Scottish sports journalists.
Ok, I made up the last bit, especially about them being journalists.
So, this is the last hurrah for ANY financial discourse at Ibrox.
Consequently, it’s worth looking at what the state of financial play was on 30th June 2025, as we won’t be here again:
Post balance sheet events. Bought 14players, including loans. Sold 6 permanent and 4 in loan. Net payable £14.7m, plus ca change.
Being sued by a former employee. Not quantifying the amount
Settlement of c £5m due for retail arrangements. I guess Mr Ashley is due to be paid in 2 instalments
John Bennett still owed just under £14m
New guys put in £38m gross and £32m after repaying directors’ loans of £6.7m
Issued 185 million shares at 20p per share.
So £37 m of new equity is used to prop up losses and working capital
Spent £21m on players during the year
Spent £4m on Ibrox and the training ground in the year
Reduced wage bill from £61m to £58m
Football players reduced from 97 to 90
Revenues up from £88m to £94m largely down to £4.5m new catering contract
So, despite the spin, which to be fair shows the beginnings of downsizing, Operating loss is £10.7m vs loss of £9.9mlast year
Loss before tax is £14.9m compared to a loss of £17m last year
On the positive side, the balance sheet is much stronger following the share issue. Had £30m cash in bank post the £37 m of new shares
Working capital, which looks at current assets and current liabilities (money needed for the next 12 months), shows a deficit of £28m.
This deficit was £49m last year. However, £38m new money put in.
Rugger Guy stated to me that his prognosis for the company in the future was one of downsizing until the loss-making was at an end.
It could be characterised as “managed decline”.
They can always ask their neighbours across the city how to do that.
All of that is relevant as the poor dears in the Ibrox klanbase are expecting a significant spend in January.
As I have stated here before, the new guys are American Ashleys. Mr Andrew Cavenagh has used the S Word in almost all of his public outings.
The Stateside owners are determined that Sevco WILL become sustainable.
Paddy and Kevin just weren’t delivering on their KPIs.
The former was to rein in operating costs, and the latter was to generate value through player trading.
My information is that they’re already over budget this year, which means a big sale in January or more financial assistance from across the Pond.
In the opinion of the Stateside guys, they both had clearly failed, so they had to go.
It’s a wee shame about those imminent loyalty bonuses that will not now be paid to the two fellas, and December 1st was very close.
Nothing personal, just business.
Remember, it’s about the Dollars.
Always the Dollars.
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