Rangers have borrowings in excess of £20 million, over double that of anyone else in the Scottish game.
The news comes after it emerged in November that Rangers made a loss of £14.3 million. At the time, the figure stuck out like a sore thumb in Swiss Ramble’s financial analysis of SPL clubs.
Given Hearts stadium investment, they did well to deliver the second largest profit in the SPFL Premiership with their £1.8m only beaten by Celtic £15.4m. That said, 8 of the 12 clubs in the Scottish top flight make money with only Rangers reporting a sizeable £14.3m loss #hmfc pic.twitter.com/FhnfO2JTpa
— Swiss Ramble (@SwissRamble) November 19, 2018
The new figures, which focus specifically on borrowings, come courtesy of football finance expert Kieran Maguire.
The stats, published in The Scotsman, revealed that Rangers borrowed £22.5 million during the course of 2017-18. This is over double the £10.8 million that rivals Celtic borrowed, over the same period.
A primary driver behind the stats will be transfer fees, as the Gers invested heavily in new players. However, the question still begs that with 50,000 people consistently packed into Ibrox, how are the club unable reduce some of their deficits?
£22.5 million is an enormous figure. Yet, it is just a fraction of what others have borrowed.
University of Liverpool lecturer, Maguire, revealed that British football clubs owe a staggering £3.5 billion to banks. Perhaps unsurprisingly, Manchester United are the biggest individual borrowers at nearly £500 million.
British football clubs owe about £3,517,300,000 to banks and owners. Manchester United top the table with £496 million. Chelsea & Everton at the bottom as owners fund clubs via shares rather than loans. Figures from most recent accounts. pic.twitter.com/Yb5koRa0ej
— PriceOfFootball (@KieranMaguire) December 6, 2018
Yet, the same United, feature near the top of football’s rich list on a yearly basis. Therefore, Rangers’ appearance on this list shouldn’t set off major alarm bells.
However, the club’s Old Firm rivals continue to be more financially efficient. One can’t help but feel that Rangers need greater parity off the pitch, before they can dominate on it.