Rangers concern cannot continue ahead of AGM after what Dave King said
Five years after former Rangers chairman Dave King said the club would be self-sustainable within two years, they still aren’t, and Gavin Berry has warned it cannot continue like this ahead of the latest AGM.
The Daily Record journalist shared his concern that the club ended up with a £4.1million net loss in a year in which they reached the Champions League and sold Calvin Bassey for almost £20million.
With £16million coming in from loans and £13million of that sum from the club’s investors, the club are in their second consecutive year of turning an operating profit, but with a net profit having not been made since 2012, concerns are starting to emerge.
Writing in his column for the Daily Record [4 December] ahead of the AGM, Berry shared: “There has to be a concern that the club ended up with a £4.1m net loss in a year in which they reached the Champions League and sold Calvin Bassey for almost £20m.
“The numbers don’t make for great reading with £16m in loans, with £13m of that sum from investors. It’s the second consecutive year of turning an operating profit but, crucially, the club hasn’t made a net profit in any financial year since 2012.
“It’s now five years since former chairman Dave King said at the club’s 2018 AGM that the cub would be self-sufficient within two years and they still aren’t. It can’t continue like this.”
Rangers need to keep fans in the loop
Financial issues will always be a touchy subject at Ibrox given the recent history of the club, and while the numbers over the last few years haven’t been particularly worrying, questions should still be asked on why no profit is being made.
Five years have gone by since that two-year promise from King, and still, no progress appears to have been made towards his initial aim, so the club will need to reassure fans that there is still a target for the club to become self-sustainable.
Concerns will always be there about the way the club is being run, at Rangers probably more than anywhere else, but as long as fans are kept in the know about the goings on behind the scenes then those concerns should prove easy to dispell.
Income from TV rights and the SPFL is notoriously low, even for Rangers, but money from competing in Europe and player sales should be more than enough to see the club turn a profit – so the fact that it isn’t is bound to set worries in place for many fans.
In other Rangers news, Kenny Dalglish has claimed players are on trial after their recent performances.