George Overhill

Tue 14 November 2023 7:10, UK

The latest Rangers accounts for the 2022/23 period are “boring” but that is “actually quite good” for the club, according to Kieran Maguire.

The Liverpool University finance expert told This Is Ibrox on 13 November that it is positive for the numbers to be relatively uneventful, even if the gap in revenue to rivals Celtic has grown again following the Hoops’ “spectacularly successful” year.

He attributed the increased wage bill at Ibrox to bonuses resulting from qualification to last season’s Champions League, although the fact that it surpassed the cost of the Parkhead squad did stick out, and noted positive signs on the improvements in player trading from the Light Blues despite around a decade disadvantage to Celtic.

Maguire said (1m 55s): “The results were a bit boring, and a bit boring is actually quite good. Many fans are going to benchmark against the other club in Glasgow who have had a spectacularly successful year in 22/23.

“The gap between the two clubs in terms of revenue, which had almost narrowed to zero, has widened up again. Celtic have had a significant increase in income whereas Rangers have stayed stable.

“Rangers’ wage bill is up significantly because the nature of player contracts is that you get bonuses for qualifying for the Champions League, regardless of actual performance… The wages are higher than Celtic last year, so that will be pointed out.

“What we are starting to see is the player-trading model, which the club was too a large extent in recovery mode for seven or eight years, we have to be honest there in terms of the challenges of a decade ago.

“Those have been addressed and the club is now starting to generate significant sums from player sales. [But] Celtic have been there for a decade.

“So there’s still a bit of catching up to do. The club’s not taking on any external debt, it’s reliant upon directors and shareholders, and they’re all Rangers fans so one would presume they’ve got the best interests of the club at heart, which I think gives you a bit of additional security and comfort going forwards.”

Stable

Clearly in light of the not-too-distant past at Ibrox the results could be far worse, and many of the relevant processes take a long time to improve.

But it is certainly a question that deserves some focus for both Old Firm rivals to be in the Champions League last season yet the Gers were paying their squad more to finish empty-handed last term than Ange Postecolou’s side earned to win a domestic treble.

The wage bill will be significantly affected by then huge number of players who left during the summer to be replaced by a hit-and-miss selection of nine newcomers, and with the Champions League group stage evading Michael Beale the same bonuses won’t be paid this time around anyway.

And with so much overhaul in terms of the playing staff, the coaching staff, and the board in the past year it will be tricky for mistakes to be attributed to the current set up in many cases.

On the whole the picture doesn’t look too bad and should at least not provide a major off-field distraction to the rapidly-improving Philippe Clement reign.

Ultimately there is still a more concerning gap to Celtic in the SPFL table thanks to Beale’s poor start to the year, but the new manager has suggested he can narrow it and has the opportunity to lift a first trophy before Christmas, so there looks to be reason to be hopeful for now.

In other Rangers news, a Sky Sports journalist has shared an “ongoing” talks update as transfer interest continues to grow.