Douglas Park has announced losses of £15.9m for the Ibrox company in the year to 30 June 2020.
Extract from Auditors Report:
MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
We draw attention to information in note 1 in the financial statements concerning the Group’s ability to continue as a going concern. In order to continue operations for the next 12 months the Group is dependent upon raising additional finance to cover projected cash shortfalls in season 2020/21 and 2021/22. The precise level of funding required is uncertain as it is inherently dependent on a number of key variables, including the achievement of forecast football performance, player trading and the ongoing impact of COVID-19. As stated in note 1 the risk that key cash flows are not achieved as forecast, along with the absence of a binding debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter