01 Nov Rangers fans should be worried after club revealed huge £14 million loss
Rangers supporters should be worried after the club revealed a huge £14 million loss in their annual accounts, says Gordon Smith.
The Light Blues released their financial figures for the year late last night and the former Gers midfielder doesn’t think it makes for good reading.
The Ibrox side announced a loss of £14.3 million, which was more than double the more than double the £6.7 million they posted the previous year.
The club’s turnover did increase by over £3 million up to £32.6 million but operating costs increased by £8 million to £38.9 million.
And the former Gers star insists while he expected a loss he was surprised over the size of the figure.
He told PLZ Soccer: “I think it was certainty it was going to be a loss because Rangers don’t have the income from other sources.
“If they’ve been putting out money for players, doing different things with new contracts, it was bound to be a loss.
“I wasn’t surprised, maybe the amount was a little bit more than I thought it would be, but I wasn’t surprised they were going to issue a loss.”
When asked if he thought the recent reports are worrying, he replied: “I think a little bit worrying.
“It depends on where the money is coming from and who the backers are in terms of covering that and whether it’s sustainable.
“They are going to make some money from the Europa League this year but they are not getting any money from selling players or Champions League money, which Celtic have managed to do in previous seasons.
“It just depends on the backing he has got. It is a little bit of a worry, especially the fact that with that kind of spend and he [Steven Gerrard] is saying he wants backing from the board if he has to go get more players in January.
“He’s already questioning the quality of the players he has go there.”