Sky Sports News 11pm headlines, Celtic win 2-1 after 2nd goal controversially allowed to stand. The agenda is set. Ignore the lack of VAR clarity for Jota's goal, ignore VAR operator happy with assault on Starfelt, focus on Celtic shouldn't have got a goal because the Motherwell player tried a quick throw in that hits Haksabanovic on the head and breaks to Turnbull.
ach yer para Gary, whit agenda...
Scotsman headlines
Rangers accounts: Record turnover, back in profit
Daily Rancid
Rangers announce healthy accounts as club finally posts a profit of £5.9m and revenue nearly doubles to £87m
EBT
Rangers: Nathan Patterson sale helps generate £5.9m operating profit
Glasgow Times
The Celtic accounting quirk that keeps merch revenue ahead of Rangers
These are the headlines i could find quickly on search for 'Rangers Accounts 2022'
Now i'm mibbi late to the party and others have possibly said on here earlier,
but being an accountant ( i know, you wouldn't believe it) who has prepared and read tens of thousands of sets of financial statements, i took out them
Sold out Ibrokes and a UEFA Final - they still couldnt beat our top line 88.2m v 86.8m
Their overall wage bill was 54.4 v 58.8 for us, theyre paying 4 million less than us and your lucky if there is a sellable asset on their books
The operating profit was 5 million, but whats the fucking point of glorying an operating profit if they made an actual loss of 919k
Going Concern note - the very fact this is in accounts means that their cashflow and ability is not looking good; i.e. they needed money thats not generated by club to plod on
the note includes
The Group meets its day to day working capital requirements through existing cash facilities, bank loans, investor loans, and leases. During the year under review
the Club entered into formal loan agreement with the certain investors providing a secured loan facility available to 31 July 2028. Subsequent to the year end and in addition to the term loan, a revolving credit facility has been agreed to provide a more efficient and cost effective funding mechanism to the Club.
they still had to borrow from the directors in their most lucrative season
they sing sack the board, they should be singing tap the board
'As at 30 June 2022, there are loans with investors amounting to £12.2 million, other commercial loans of £3.4 million, whilst the Group also has lease agreements totalling £1.4 million' - there is 12.2 million that hasnt yet been converted to confetti while they tapped institutions of at least 3.4 million which has to be paid back at no doubt wonga rates
'The Group made cash donations of £75k (2021: £80k) to international, UK-based and local charities during the period' - wonder if that includes the 6 litres of hand sanitiser that big hateley dropped aff somewhere
CASH USED IN FINANCING ACTIVITIES:
Loans received 2022 - 22,150,000 2021 - 26,460
Loans repaid 2022 - (8,550) 2021 - (5,500)
Despite their most rewarding year, they still had to borrow 22 million from investors, paying back 8.5 million in the year
Total finance costs 1.973 million - cost of borrowing
Secured debts - John Bennett (as security trustee for the lenders) holds standard security over Edmiston House under the terms of the investor loans detailed in note 27 to the financial statements. A director demanded security before lending them a brown penny
Director loans John Bennett, Douglas Park, Alastair Johnston and Julian Juul Wolhardt Loans of £10.32m from Mr J Bennett and £1.858m from Mr J Wolhardt made under a secured debt facility were outstanding at 30 June 2022. Repayments of loans are paid in quarterly instalments to the repayment 31 July 2028. The facility allows for accelerated repayments based on certain events.
Interest is charged at 6% on an accruals basis.
The cabal are now charging interest on loans at a rate similar to a fucked mortgage market, only they charged that rate when the BOE base rate was 0.5%
Ashley settlement including costs was £8.2 million
Acquisition and disposal of player registrations
The Group contracted for the purchase of ten permanent player registrations.
The amount payable in respect of these, after adjustment for the notional interest effect on deferred payments, amounts to £15.0m. The Group also disposed of six player registrations on a permanent basis and seven registrations on loan.
The amount receivable, in respect of these, after adjustment for the notional interest effect on deferred payments, and after taking account of direct costs, totalled £19.9m
After selling Patterson, Aribo, Bassey and 3 others for huge sums, they're owed in fee's 19.9 million from the transfers. So in effect their transfer dealings mean that for these 3 deals they're only owed net 5 million because they've bought and and owe for 10 players or to be technically apt, 9 diddy's and Colak.
31. CAPITAL COMMITMENTS At the year end, The Group had contracted for stadium and building improvements amounting to £9.63 million
In the current financial year they have comitted to spend 9.3 million to ensure a safety certificate although some of that could be contracted to giving the loving cup appropriate surroundings in Edminston House.... yes the same place that John Bennett effectively owns until his loan is paid back. A clever man takes a lean on an asset that is about to get millions spent on it
We'll ignore the fact that we can afford to pay our directors near 2 million in remuneration
Not the headlines the papers go into eh ?
PS i have no interest in Rugger other than supporting the dark blues
pss can anyone tell me why fans applaud booting the ball out for a throw in