Kieran Maguire: Rangers finances took bigger hit than any other British club
The COVID pandemic was a financial disaster for many clubs in Europe and Rangers were certainly majorly affected by it.
According to football finance expert and author of the Price of Football blog Kieran Maguire, no other club in the United Kingdom was as heavily impacted as the Ibrox outfit.
He claims that 60 per cent of their income came from matchday revenue which is three times that of Chelsea in the Premier League.
Speaking to the This Is Ibrox, Maguire said (3:18), “When I look at a balance sheet, I say ‘Can it be made stronger?’ and that’s the first thing that Rangers have done.
“They have strengthened the balance sheet by converting loans into equity.
“They have invested some of the money which they have received and they have had to deal with the challenges with Covid.
“In my view, Rangers have been hit harder than any other club in the UK. In the pre Covid year, Rangers generated 60 per cent of their revenues from matchday ticket sales.”
Gers have managed to get good money from player sales and have also qualified for the Champions League so all does not appear to be gloomy on the outside.
However, a deep dive into the club’s workings will show you that there’s far more to it than meets the eye and the Rangers board have not come out of this pandemic strongly.
While they may blame all of that on the crisis and lockdowns, their recruitment has not been up to the mark and some of the critics may go as far as to call it shambolic as well.
Recent results have seen the pressure mounting on Giovanni van Bronckhorst and he certainly cannot make excuses for 4-0 defeats against Ajax and Celtic that raised doubts about his credentials about managing at the top level despite enjoying success in Europe previously.
The international break is the ideal time to get things back on track but Ross Wilson is unlikely to be sacked any time soon and until he’s not gone, things are not going to improve and Gers will continue playing second fiddle to Celtic.